Serai, an HSBC-backed online B2B platform for SME trade, has launched a solution that allows companies in the apparel industry to trace the origin of the cotton and other raw materials that go into their products, enabling them to manage environmental, sustainability and governance (ESG) risks across the entire textile supply chain. The solution, which is currently being piloted, enables suppliers to input information about their raw materials or intermediate goods, such as provenance or ESG performance, and share this with multiple parties over a secure platform. “A large buyer could ask its supplier to prove what garments have gone into every shipment, and then ask its supplier’s suppliers what yarn went into those garments, and beyond that, what the origin was of the raw material used to make that yarn,” Vivek Ramachandran, Serai’s CEO, tells GTR. “Using Serai, this can be proved with invoices, payment data, and certificates of origin. The data comes directly from those counterparties, either via APIs or through an encrypted cloud server, with the owners of that data able to set their own permission settings in order to control how it is shared.” The apparel sector is comprised of millions of small, medium and large… continue reading
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Source: CTRM Center