Voy Launches ESG Scoring App for Global Supply Chain Actors
Voy, a company that uses blockchain technology to build digital, liquid, and sustainable global trade finance infrastructure, is testing a new app that checks the ESG credentials of corporates and supply chain participants.
Voy uses blockchain technology to bring efficiency to the global supply chain and trade finance. The underlying distributive ledger technology used in Voy’s ESG app will assist in guarding against ESG claims that are currently open to manipulation and fraud. Global trade flows are worth approximately USD20 trillion. Voy’s App and underlying solutions are seeking to reduce inefficiencies that will free up further vital liquidity.
By drawing upon 60k sources and 650k data points, Voy’s app screens corporate ESG performance to derive key sustainability metrics and assess the risks associated with trade.
International trade faces many challenges in maritime, including the validation of counterparty risk and vessel and company identification. Concerns also exist about the sustainability of cargo and underlying assets. By using Voy’s ESG screening technology, banks, corporations, financiers, buyers, and sellers will now be able to access improved information, allowing them to make better-informed decisions about who they do business with.
Voy seeks to accelerate the $20 trillion annual global trade flows into the digital age by reducing inefficiencies and injecting vital, once unattainable liquidity. Voy is leading the way in implementing positive environmental change with sustainable finance by focusing on creating transparency of carbon emissions in the supply chain and supplier tracking.
Lee Tarone, CEO of Voy, comments: "Voy is proud to have launched this app and take another step towards sustainable trade for the world. ESG is fast moving into the mainstream, but maritime and supply chain actors have been slow to adopt this framework. Voy’s new application is designed to bring successes and shortcomings into the light to allow participants to make more educated decisions.”
Arzu Toren, Banking and Trade Finance Advisor at Voy, says: “A commitment to ESG is becoming increasingly important as public awareness and the incentives for providing sustainable solutions are surging. Using real-time tracking, we’re able to provide reliable, accurate, and transparent data on carbon emissions and the production of greenhouse gas emissions. Voy’s inclusion of the blockchain on their ESG app will encourage reliable and sustainable technologies to be used globally."