Fujitsu and Digital Commodity Exchange Enter Strategic Agreement to Accelerate Digital Transformation in Global Commodities Trading
Fujitsu Limited and Digital Commodity Exchange Pte. Ltd. (DCX) announced that they have entered a global strategic agreement to accelerate the digital transformation (DX) of the global commodity (1) trading industry, including the trade of agricultural products such as grains and raw materials for manufactured goods. In addition, Fujitsu will make a strategic investment in DCX, through a fund managed by its subsidiary Fujitsu Ventures Limited.
DCX is a holding company of Rice Exchange (2) and was established in Singapore in 2020 as a start-up company that leverages digital technologies to solve business challenges surrounding global commodity trading, including complex and inefficient exchanges and how to best ensure reliability and transparency. Since August 2019, Fujitsu and Rice Exchange have been working together to solve frictions related to global transactions with the world’s first digital global rice trading platform, which successfully deployed blockchain technology to realize efficiency with a high degree of reliability and transparency. Fujitsu and DCX are additionally endeavoring to transform the trade of fertilizer.
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Based on this agreement, the two companies will promote joint projects by combining DCX’s expertise in global transactions including customer verification (Know Your Customer) (3), contracts and trading operations, with the business knowledge and system design expertise accumulated by Fujitsu in the industrial and distribution fields. Ultimately, Fujitsu and DCX aim to deliver new innovations in trading operations by developing global trading platforms for the agricultural, food, manufacturing, and international trading businesses. Fujitsu will continue to offer its robust support for DCX, serving not only as a technology partner that builds platforms, but also as a business partner, working to provide services that contribute to SDGs through the power of digital technology.
Comments from Ichiro Aoyagi, SVP, Head of DX Platform Business Unit, Fujitsu Limited
We are excited to bring DCX and Fujitsu closer together to address the growing data driven business. DCX’s power to innovate commodity trading combined with Fujitsu’s advanced technologies such as blockchain will allow us to accelerate our digital transformation business for our customers, industry, and society. We look forward to an even stronger collaboration with DCX and together building trust in data to overcome today’s uncertainties for a more sustainable and prosperous future.
Comments from Stephen Edkins, CEO of DCX
We are excited to have agreed this alliance with Fujitsu. The rice and fertilizer marketplaces that we have developed with Fujitsu as our technology and business partner are operational and have attracted some of the biggest names in the trade. DCX group companies are changing the way commodities are traded by adding trust and efficiency. Purchasing managers that use DCX platforms can assess the environmental and social impact of their supply chain decisions using the verifiable data that our platforms offer. We are now evaluating the potential to deploy this technology into other verticals.
Comments from Hideaki Yajima, President & CEO, Fujitsu Ventures Limited
Fujitsu Ventures Limited is honored to invest in DCX, which will mark the first direct investment from its corporate venture capital (CVC) fund totaling 10 billion yen, which we established on April 1, 2021. We will support DCX with an eye toward further business development with Fujitsu and will continue investments in start-up companies to accelerate execution of Fujitsu’s corporate strategy.