Agreement is in place to set up GrainChain, a state-of-the-art digital marketplace.

A trilateral agreement to collaborate on projects and initiatives introducing cutting-edge digital services for grain market players based on the GrainChain agro-industrial marketplace was signed on 7 June during the 2019 St. Petersburg International Economic Forum.

The parties to the agreement are Belaya Dacha, the Tambov Region Government and ApiBank, which will provide its open banking platform to the project.

The plan is to make the GrainChain agro-industrial marketplace the basis of a convenient digital ecosystem tailored to the industry’s needs, where market players will be able to find reliable counterparties and make transactions to purchase, sell or ship grain at a minimal cost; the system will maintain consistent market monitoring and forecasting through the use of big data processing technology.  The new tool is expected to streamline grain exports and will be available in the languages of the key importer countries.

GrainChain will make value-added services available to subscribers through the use of partnering digital solutions, which include financial and other types of services intended for businesses, such as opening and maintaining accounts, lending, factoring, support for international operations, co-branding schemes, outsourcing of accountancy services, electronic documentation and more.  All services will be integrated into the marketplace via ApiBank’s open banking platform.

The marketplace services will help create an all-in-one information ecosystem, setting a trend to follow in the further digitisation of Russia’s agro-industrial complex.