London, United Kingdom – On September 12, 2023, the North-East Regional Development Agency (ADR Nord-Est) and the International Centre for Trade Transparency (ICTTM) formalized their intention to collaborate by signing a Memorandum of Understanding (MOU).
Present at the signing for ICTTM were Hon. David Wells, Chairman of the Board, and James S. York, CEO. Representing ADR Nord-Est was General Manager, Mr. Vasile Asandei and Brussels Office Representative, Sebastian Hrib.
ADR Nord-Est, serves as an executive economic development body of the North-East Regional Development Council, and is committed to elevating the economic well-being and quality of life in the region.
The MOU specifies that ICTTM will have a priority investment and roll-out of its AI-based software technologies within Romania’s North-Eastern region. Additionally, the organization will offer free AML-KYC software tools to Romanian companies in the area.
The agreement also notes that, where practical, ADR Nord-Est will provide feedback to the on the unique needs of Romanian industries with relation to the ADAMftd system being developed by the ICTTM.
The ADAMftd system is aimed at offering:
- Complete Supply Chain Oversight: From production to delivery, the platform helps identify discrepancies and potential delays.
- Verified Ownership: Use of data analytics to authenticate legitimate ownership of goods.
- Source Intelligence: Information on the origins of goods to guide supply chain decisions.
- Regulatory Adherence: Ensuring that operations meet international trade laws and helping to mitigate financial risks.
- Stakeholder Interaction: Enhancing coordination and operational efficiency among all involved entities.
James York, CEO of ICTTM, spoke positively about the future contributions of the ADAMftd system, stating, “This initiative is a significant step in our work to create a level and equitable international trading ecosystem, opening up market access and providing essential supply chain transparency tools to an ever-increasing audience of stakeholders around the world.”
Specializing in transparency and compliance in the realm of international trade, ICTTM is developing AI-driven tools to help government and industry navigate the complexities of global supply chains, from identifying risks, mapping supply chains, halting trade-based money laundering and exploring new market opportunities for trade.
About ADR Nord-Est:
ADR Nord-Est is a non-profit, non-governmental organization focused on economic development in North-East Romania. Serving as the executive functionary of the North-East Regional Development Council, the agency actively develops and promotes regional economic growth and welfare initiatives. Among its efforts are projects aimed at attracting foreign direct investment (FDI), fostering international relations, and encouraging entrepreneurship.