SINGAPORE, 22 November 2019 | Press Release
Chinsay, the leading provider of commodities contracts data management and the creator of the Intelligent Contract Platform (ICP), won the ‘Innovation of the Year’ category at the Energy Risk Asia awards ceremony in Singapore last night. ICP is a unique platform, designed specifically with the freight and commodity markets in mind, enabling the complete digitalisation of fundamental workflows which facilitates seamless contract creation and efficiently informs subsequent activities.
The Energy Risk Asia Awards have 22 categories and recognise success within the Asian commodity markets, at the same time celebrating the best businesses across the industry. The awards are presented by risk.net, a leading source of in-depth analysis on risk management and coverage of complex issues within the market.
Energy Risk’s Head of content, Stella Farrington, said: “Chinsay’s Intelligent Contract Platform impressed the Energy Risk judges as it addresses a central challenge for commodities firms – how to optimally manage the numerous and complex contracts that underpin their businesses. ICP not only captures and integrates contract data, making all optionality visible, it provides risk insight and learning, eliminates operational risk and turns contracts into competitive assets for traders.”
Chinsay, and specifically its newly-launched SaaS Intelligent Contract Platform (ICP), was chosen as the winner within its category, thanks to the product’s ability to transform a cumbersome, paper-based process into a transparent business operation. It is credited with streamlining international trade operations, which can involve as many as 30 parties as well as thousands of emails, turning it into a data-driven ecosystem with real-time supply chain management. ICP is valuable at all stages of the contract process and has the ability to help traders increase profit margins and maintain a risk/benefit ratio.
Colin Hayward, Chinsay CEO, said: “Being named winner of the ‘Innovation of the Year’ category is a fantastic achievement and honour for Chinsay and a great recognition for our newly-introduced ICP platform. The award recognises our success within the industry and the ability to digitalise the contract process within the commodities market, allowing clients to draw value from contracts and provide businesses with operational overview.”
This award rounds off a very successful year for Chinsay, which saw the launch of ICP in May 2019, and shortlisting in the Computing AI and Machine Learning Awards. These achievements have continued throughout 2019 with the successful completion of the first fully-digitalised iron trade in June and the finalisation of the first-ever end-to-end paperless iron ore trade in August 2019.
Founded in 2000, Chinsay is the leading global provider of contract automation systems for the commodities and freight markets. Its Intelligent Contract Platform (ICP) enables digitalisation of contract data sets across the supply chain. As a pure software-as-a-service platform, with the ability to support API integration, it has one of the fastest deployment times in the industry. The Intelligent Contract platform captures data during the contract creation process, providing a Golden Copy as a result of collaboration between all involved parties.
Chinsay’s concept of ‘one-time deal capture’ enables integration with risk management, accounting, legal and operational functions. This results in cost savings, increased efficiencies, improved security and risk control. ICP provides companies with the opportunity to make informed, data-driven business decisions.
Chinsay partners with clients and other technology vendors to increase efficiency and improve security and risk controls. Through industry-leading product discovery and devops practices, Chinsay rapidly and continuously adapts its software precisely to our clients’ needs. Leveraging Microsoft Azure facilities for end-to-end encryption allows us to offer the highest possible data security to our clients.
John Norris / Alice Jiga
Tel: +44 (0) 20 7250 4770