February 28, 2023

Covantis launches Argentinean and Uruguayan grains and oilseeds markets

Covantis announced on February 27 the launch of its platform in Argentina and Uruguay, increasing the number of markets and commodities available in the platform.

From the launch a network of over 40 legal entities, acting as exporters, FOB/FOB traders and charterers will start executing their Argentina and Uruguay flows in Covantis platform.

In 2022, close to 90 million tonnes of grains and oilseeds were exported out from Argentina to top destination markets being China, Vietnam, Indonesia and Egypt.

"With the addition of Argentina and Uruguay, Covantis now covers all major export markets in the Americas, enabling agrculture trading firms active in North and South America to execute all their vessels in one single platform," said Petya Sechanova, chief executive officer of Covantis. "We are excited to work with our global client base of agri traders and the newly added Argentinian and Uruguayan exporters to digitalise the post trade execution processes for vessels exported from the region.

"Like in other markets, Covantis platform will be addressing industry pain points ranging from inefficiency, high operational risk and delayed documents presentation to lack of standardisation and a single source of truth."

The newly added exporters in the region will benefit from the value delivered by Covantis, as a result of the work done together with the market participants active in Brazil and North American. The platform will support all the main commodities exported from the region, including corn, soybeans, soybean meal, wheat, sunflower seeds and sunflower meal.

The Covantis platform enables market participants to perform contract execution and exchange documents, contractual notices and messages in an efficient, auditable, and secure way.

- Covantis