Sweden-based smart contracts company Chinsay has picked up $4m from Singapore-based FinTech investor tryb Capital.
Chinsay’s SaasS platform is designed to improve workflow and provide data and analytics for global traders, shipping companies and brokers as well as ports, marketplaces and financial institutions.
The investment will be used to accelerate Chinsay’s product development as well as expand further into Asian markets.
tryb Capital’s chairman Magnus Böcker highlighted Singapore’s position as a key shipping and trading hub as a factor in making the investment attractive.
He added: “This is a great example of how innovative technologies from anywhere, in this case Sweden, can leverage Singapore as a growth platform into Asia.”
The investment comes at a time when Singapore is making major investments in developing itself as a smart financial city.
Chinsay founder and CEO Dag Sundén-Cullberg said the company’s team and board “see this as a great opportunity for the company to take in additional capital for the current expansion phase while staying fully independent and at the same time getting a strategically important shareholder with an active agenda in the technology industry.”
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