Marsh, CDAX and Flexport to provide risk management, financial and logistics services to buyers
LOS ANGELES, Calif. (October 30, 2020) – BYD Care, one of the world’s largest producers of masks and other personal protection equipment (PPE), has joined the Trust Your Supplier (TYS) Network to help improve access to equipment in response to the COVID-19 pandemic. TYS, built on IBM Blockchain and operated by Chainyard, provides supplier discovery, validation and onboarding to help organizations more easily find and begin working with alternative suppliers to keep their supply chains flowing.
TYS supports 30 large global corporate buyers and thousands of their suppliers. As these organizations work to reopen offices and facilities, the need for certified and authentic PPE continues to rise. To ease demand for PPE among TYS members, BYD will provide its best pricing for access to NIOSH-approved N95 masks, FDA 510(K) certified single-use surgical masks, premium hand sanitizer and other supplies.
“This collaboration to support members of TYS, as well as government, healthcare and new corporate buyers who join the network, will help assure BYD’s high quality PPE products will get into the hands of those who need them most,” said Stella Li, BYD Motors President.
For network members in need of financing options to purchase PPE, major banks on the network will offer a suite of financing solutions including lines of credit. Marsh will assist members with risk management solutions including accessible cargo insurance, product liability insurance and trade credit insurance. Additionally, freight forwarder and customs broker Flexport will offer logistics services to help expedite the delivery of PPE purchased through the network. CDAX will act as a sales advisor to BYD and facilitate the sale and delivery of BYD products.
Trust Your Supplier creates a digital passport for supplier identity on the blockchain network allowing suppliers to share information with any permissioned buyer on the network. Blockchain ensures permissioned-based data sharing to help reduce the time and cost associated with qualifying, validating and managing new suppliers while also creating new business opportunities. Third-party validators, such as Dun & Bradstreet, Ecovadis, and RapidRatings provide outside verification or audit capabilities directly on the network. Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone are some of the governance board of the network.
“The market for PPE is a prime example of supply chains run amok at a time when the stakes for being able to trust who you do business with have rarely been higher,” said Gary Storr, Managing Director TYS. “One way that IBM is helping organizations of all sizes emerge from the crisis is by enabling them reimagine their supply chains and build intelligent, digitized processes. By providing supply chain visibility and helping create a transparent, accessible market for PPE, we can help improve the flow of goods for these critical products.”
BYD Care, a subsidiary of BYD, is one of the world’s largest manufacturers of Personal Protective Equipment (PPE). BYD Care supports healthcare providers, communities, and people around the world in addressing the challenge presented by the coronavirus pandemic. BYD Care manufactures reliable, quality products that help prevent illness and promote good health. The Official Sponsor of Mother Nature, BYD is among the world’s largest manufacturers of electric vehicles with proven innovative technology for cars, buses, trucks, forklifts, and rail systems – like SkyRail. BYD has 220,000 employees across the globe, including nearly 1,000 in North America. Globally, BYD has committed to corporate social responsibility, monitoring our supply chain in terms of human rights, environmental safety, hazardous substance control and intellectual property rights. We only select suppliers who share our commitment to just labor practices, human rights standards and the environment. For more information, please visit en.byd.com or follow BYD on LinkedIn, Twitter, Facebookand YouTube.
Contact: Frank Girardot (213) 245-6503
ABOUT Trust Your Supplier
Trust Your Supplier creates a digital passport for supplier identity, making it easier for buyers to verify the credentials for suppliers around the world. This information is recorded on a secured blockchain network, allowing suppliers to share information easily with any permissioned buyer on the network. By facilitating permissioned-based data sharing, TYS helps reduce the time and cost associated with qualifying, validating and managing new suppliers while also creating new business opportunities. Third-party validators, such as Dun & Bradstreet, Ecovadis, and RapidRatings provide outside verification or audit capabilities directly on the network. Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone are some of the founding members. To learn more about TYS visit: https://www.trustyoursupplier.com/