Australian blockchain company Yojee (ASX:YOJ) has inked a commercial partnership with a major Malaysian financial logistics company, Aero Line Services, which will see Yojee technology create visibility and transparency in the mass delivery of financial documents.
In Malaysia it is estimated that over 120 million cheques are written each year and Aero Line are the nation’s market leader in express couriering in the financial industry.
Through Yojee’s unique software, Aero will digitise its freight movement tracking, meaning regardless of the method of delivery, the company will have a complete record of its logistics activities.
The contract will see Yojee exclusively partner with Aero Line Services for three years to deliver the digital transformation project, with Yojee afforded the opportunity to expand further into the Malaysian and international financial logistics markets.
Yojee will collect a minimum monthly fee over the period as well as the addition of project-by-project fees, valued at ten percent of the project’s value.
The agreement provides significant blue sky potential for Yojee. Paper-based banking remains highly prominent across Asia with consumer and business banking, mortgages and many other financial products reliant on express movement of paper.
Commenting on the partnership, Aero Line Services Group managing director Zamri Bin Khamis said:
The Yojee Solution has proven to provide end to end transparency and efficiency and is loved by our customers.
Aero Line Services has exciting opportunities across the region through existing customers and new customers that can be repeated through this partnership.
Personally, I have a great passion for technology and optimised processes and I see huge growth for Aero Line Services in this sector,” he said.
Yojee managing director Ed Clarke added: “We are excited about the relationships we are building with a diverse range of businesses in the region. We feel that this really underscores the flexibility of our product, and its ability to be applied in multiple verticals.”