December 20, 2018 / 10:10 AM / a month ago

COFCO International joins other grain majors in digital push

PARIS, Dec 20 (Reuters) -

* Chinese-owned COFCO International said on Thursday it was joining an initiative launched recently by other global grain merchants to boost efficiency through data standardisation and use of digital technology.

* The initiative, announced in October by the so-called ABCD grain majors - Archer Daniels Midland, Bunge, Cargill and Louis Dreyfus - aims to adopt technologies like blockchain to move away from paper documents and manual payment towards faster electronic processes.

* The partnership will initially focus on automating grain and oilseed post-trade processes.

* Geneva-based Cofco International is the overseas trading arm of Chinese state-owned food group COFCO and has become a leading global grain merchant after acquisitions in recent years. (Reporting by Gus Trompiz; Editing by Susan Fenton)

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