MineHub launches mining and metals technology platform
The technology platform set to shake up the mining and metals sector, MineHub, announced that its blockchain-based platform is now live and available to industry participants. MineHub, an ING partner since January 2019, makes the entire supply chain more secure, transparent and efficient.
“MineHub is another example of ING’s commitment to innovation and improving our customers’ businesses. ING is the world’s leading commodities bank, and this platform will not only further improve our customer service benchmark but also enable us to help our customers across various products and functions,” said Arnout van Heukelem, global head of Mining, Metals and Fertilisers at ING.
MineHub’s first release offers functionalities that streamline post-trade operations, including document flow, financing and logistics. For example, it allows all the parties involved in the buy, sale and delivery of minerals from mine to market to collaborate securely in real-time. It also provides a single platform where participants can share information electronically, instead of having to mail paper documents, which slows down trade finance and increases costs because of increased risk of fraud, data entry errors and delays.