ProMEX selects Exberry as core matching engine for its digital marketplace for physical commodities

Press Release

Exberry provides scalable infrastructure at the heart of ProMEX’ groundbreaking trading platform

PRESS RELEASE: London, 8:00am, Wednesday, 13th October, 2021: Exberry, the exchange technology pioneer, is providing its “Marketplace as a Service” technology at the heart of ProMEX, the digital marketplace for physical commodities. The new technology partnership will enable ProMEX to create new products and markets at speed, and securely offer trading in a wide variety of commodities in new ways.

ProMEX delivers an end to end digital experience in physical commodity trading. The platform provides direct, real-time trading without intermediaries or clearing houses and eliminates settlement risk for its users. This shortened settlement cycle also reduces counterparty risk. Exberry’s matching engine is central to this process.

The way most commodities are currently traded is rather traditional – a bilateral negotiations process which is opaque and inefficient. At the same time, many small and medium size commodity firms and investors are not familiar with risks associated with commodity futures markets. ProMEX brings simplicity and efficiency to trading such commodities, all from an intuitive mobile application.

ProMEX’s new marketplace is now live  with its first commodity Moutai, the national wine of China.  Users can buy, hold, sell, make or take delivery in Moutai, without having to  organize logistics or set up a storage facility.  Users can simply download the app  from their preferred app store to join the platform. ProMEX will develop other physical commodities including “green” products to promote sustainability among the relevant industry users.

The flexible modular structure of Exberry enables clients to rollout marketplaces at speed and global operations to be run from a single location. Exberry’s easy to integrate “Marketplace-as-a-Service” with its matching engine at the heart, allows ProMEX and their users to reap the full benefits of the exchange-grade trading solution, rolling out new services and markets at speed.

Mark Ho, Co-Founder & CEO of ProMEX, said: “Exberry has allowed us to go from idea to working platform in a matter of weeks. The marketplace as a service concept is so well executed that we had a conversation in the morning, and a developer was working on the system that afternoon.”

Commenting on the announcement, Magnus Almqvist, Head of Exchange Development, said: “Collaboration and innovation are fundamental to Exberry, and our native SaaS solution helps bring innovation to the market. We are very excited to work with a visionary firm like ProMEX to create  a new peer-to-peer marketplace with enhanced price discovery solutions.  As ProMEX continues to add new commodities for trading to the platform, Exberry can help them deliver new customer experiences and easily scale as they grow.”

 

Media Contacts:
Sarah Durrani / Bill Yelverton
Streets Consulting for Exberry
sarah.durrani@streetsconsulting.com
bill.yelverton@streetsconsulting.com
Tel: +44 20 7959 2235

About Exberry

Exberry delivers a purpose built exchange infrastructure regardless of the asset class or opportunity and sits at the heart of your market. The deep-tech SaaS solution is deployed to enhance existing exchanges’ limited capabilities or to serve as the base for trading of any new assets.

We help exchange pioneers and marketplaces at all levels and of all sizes launch, pivot, break ground and scale. Unlike any other technology provider, Exberry delivers a blend of exchange and trading technology expertise for secondary market models, combining entrepreneurial pedigree and corporate strength.

Our core matching engine has been designed not only to compete with the technology used by the biggest exchanges in the world, but also as light to deploy, integrate and operate and is therefore an excellent fit for start-ups and anything in between.

Exberry is suited to support every type of marketplace from traditional assets (on exchange traded financial instruments including equity, futures and commodities) to digital assets including alternative assets, gaming and real estate.

To find out more, please go to exberry.io, follow us on Twitter @Exberry or visit our LinkedIn page.

 

About ProMEX
ProMEX is a startup in the Hong Kong Cyberport fintech hub and operates a governed, fully electronic, physical spot commodity marketplace to provide producers, users and traders with trading and custody of physical commodity products on a fair and transparent trading platform consistent with established standards of global markets and is regulated by the Customs and Excise Department in Hong Kong holding a Money Service Operator (MSO) license (No.: 21-08-03038).

In our marketplace, participants interact, trade and settle physical commodities directly on a real-time basis without the involvement of third party intermediaries or clearing houses. This inclusive market model provides all participants with significant cost benefits, price improvement, reduced settlement cycle and counterparty risks.

ProMEX enables commodity price discovery, efficient trading, settlement and social scalability with the adoption of advanced technology.  Its services also facilitate complementary services such as payments, foreign currency exchange and delivery.

As a bridge between China and the international markets, Hong Kong is uniquely positioned to provide Chinese and international participants with a commodity trading platform for investment, risk transfer and price discovery purposes.

Our initiative may strengthen Hong Kong’s position as a Fintech hub and price setting commodities marketplace in Asia.

To find out more, please go to promex.io, follow us on Twitter @ProMEX_io or visit our LinkedIn page.