Insurance provider Prudential has partnered with Singapore telecommunications company StarHub to create a blockchain-based virtual trade platform for small and medium-sized enterprises (SMEs).

The upcoming platform called Fasttrack Trade (FTT) will allow SMEs to search for business partners and distributors, make payments and monitor goods, in addition to buying insurance, according to a recent release.

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The collaboration will see StarHub providing business customers accessibility to solutions over FTT, with Prudential offering insurance options. Alternate financing solutions will additionally be offered via peer-to-peer loan provider Funding Societies.

The network is currently being created by Fintech startup Cites Gestion and financed by Prudential.

As explained by Stephanie Simonnet, Chief Partnerships Distribution Officer at Prudential Singapore, the "insurer-telco-fintech" team-up will present new possibilities for the companies involved to expand their client bases.

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Simonnet stated that they are developing a virtual environment built upon cross-industry partnership that is looking to revolutionize commerce and spur the success of businesses.

The partnership anticipates even more service providers in sectors, which include business intelligence, payments and logistics, to participate in the FTT for the commercial launch in Q1 2018. Subsequently, FTT could possibly be adopted to SMEs beyond Singapore.

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