Singapore agtech firm DiMuto taps fintech startup to provide payment services

Singapore-based agri-fintech trade solutions provider DiMuto said it has partnered with OPAL (One account for Payments and Loans) to provide payment services on its blockchain-powered platform.

The DiMuto team / Photo credit: DiMuto

As part of the partnership, DiMuto and OPAL plan to develop a payment module that will allow DiMuto’s customers to make payments directly tagged to the movement of goods on its platform.

This would increase the visibility of both the movement of goods and the money for physical agrifood products, which will be tracked with the Singapore-based startup’s trade digitalization technology.

Singapore-headquartered OPAL offers end-to-end, regulated payment and business solutions to help clients meet their financial and business needs. It is licensed as a Major Payment Institution by the Monetary Authority of Singapore.

“The partnership gives OPAL an opportunity to reach more small and medium-sized businesses globally – particularly in the agrifood and perishables trade – that have not been serviced by traditional banking institutions,” said OPAL co-founder and chief operating officer Lim Ming Wang.

According to a statement, the payments collaboration marks the first step in DiMuto’s efforts to expand its financing solution for the unbanked SMEs in the underbanked agri-perishables sector. Citing data from the Asian Development Bank, roughly 40% of trade finance applications by SMEs are rejected, creating a US$1.5 trillion gap in global trade finance in 2019.

“With [the OPAL partnership], we can transform global trade by tackling the financing needs of the unbanked agrifood market,” said DiMuto founder and CEO Gary Loh.