Tinubu Square reaches top 5 of Corda Insurtech Challenge and demonstrates a unique breakthrough solution for surety industry players
Paris, August 29, 2019 – Tinubu Square, a leading provider of credit insurance, surety and trade finance solutions, has reached the final “top 5” of the inaugural Global Corda Insurtech Challenge, a competition that rewards blockchain insurance startups and the innovation investment arms of insurance companies.
* ‘Honors’ for Tinubu Square, the only European company in the top 5 *
Organized by R3, the enterprise blockchain software developer with an ecosystem of more than 300 participants across multiple industries, the challenge invites organizations to share their Insurance CorDapps, the applications that will work on Corda, its open-source blockchain platform.
Tinubu Square has progressed through a number of different rounds, initially competing against more than 60 companies. The entrants were asked to design a CorDapp that could be used to solve a unique insurance business challenge.
Through various activities, including building a business case, developing a roadmap, and presenting a live demo of the CorDapp, the entrants were shortlisted down until the final five were selected. Tinubu Square is the only European company to reach the top 5 selected companies and has been recognized with an ‘honorable mention’. The contestants will move on to the final presentations and the announcement of the winner will take place at the CordaCon event in London on October 23rd and 24th.
“The CORDA InsurTech Challenge has been a stimulating and often demanding test for the Tinubu Innovation LAB,” commented Jérôme Pezé, CEO and founder of Tinubu Square. “The LAB was created to deliver the potential benefits of technology innovation, such as blockchain, data analytics & AI to the credit and surety insurance industry. We are proud to have reached this stage of the award process which recognizes the breakthrough we have developed. Indeed we have moved a major step forward in the implementation of blockchain for trade transactions and for credit & surety insurers to contribute to this evolution. Our solution enables credit & surety insurers to guarantee a contract and process the transaction using DLT/Blockchain. The solution allows the contractor, the owner, the lead insurer, and its risk distribution partners (co-insurers, reinsurers, banks, etc) to manage the issuance, validation, and monitoring of the guarantee life cycle through a common blockchain solution and therefore create a shared auditable distributed ledger. We are looking forward to collaborating further with the R3 ecosystem.”
“Our Corda Insurtech challenge is as much a feat for us as a testament to the many verticals we see Corda deployed across, as it is for the organizations that compete. Tinubu Square’s position in the top five – and its status as the only European company in that bracket – aligns with R3’s wider recognition of Europe’s status as a burgeoning fintech hub. We are proud to recognize the work of organizations such as Tinubu and look forward to seeing all our finalists’ solutions being demonstrated at R3’s CordaCon conference in October this year.” said David E. Rutter, CEO at R3