USA – The founding members of the industry-wide initiative to modernize global trade operations; ADM, Bunge, Cargill, COFCO International, Louis Dreyfus Company and Glencore Agriculture have announced its new project name, Covantis.
The initiative has also launched a new website, www.covantis.io, which explains the initiative’s vision to connect the agri-industry via an independent and trusted digital platform to enable post-trade efficiency for all participants.
Covantis will also be the name of the digital platform now in development and expected to launch in 2020 subject to regulatory approvals.
The Covantis initiative also appointed Stefano Rettore to lead the project as an independent advisor during its development phase – including overseeing the search for a CEO – until governance is in place and a CEO is appointed.
Rettore has more than two decades of global experience in the agribusiness industry.
He served as president of ADM’s origination business and, prior to that, as the company’s chief risk officer. Before joining ADM, he held a series of leadership positions at agricultural co-op CHS Inc.
“I am delighted to help lead the Covantis initiative as we build toward the launch of a ground-breaking new technology platform,” said Rettore.
“Covantis offers a path to improve agricultural trade, unlocking significant value for all players across the supply chain.
“By working collaboratively with the industry, we have an opportunity to build a more effective, more efficient digital future for global trade.”
The future entity, executive appointments and the platform itself remain subject to regulatory approvals.
Covantis is a blockchain initiative focused on modernizing global trade operations by making global trade simple, secure and efficient. The initiative aims to bring efficiencies and cost savings to companies throughout the international supply chain.
Since launch of the project in October 2018, the group has engaged stakeholders across the supply chains through workshops and roundtable discussions in deliberating on the modernization initiative.
By collaborating on critical issues such as security and data privacy, technology choices, business model, adoption strategy, and functionalities and capabilities, the group is ensuring that the new platform will meet the needs of the entire industry.
The group is undertaking the development and execution of the platform, focusing on a pilot that will cover international bulk shipments of soybeans from Brazil to China while selecting technology solutions providers and partners.