Union of Chambers and Commodity Exchanges of Turkey

TÜRİB, which received an award with the Contract Agriculture FINTECH Solution, went to cooperate with many institutions within the scope of this project and facilitated the work of buyers and sellers.

Turkey Product Specialized Exchange (TÜRİB) was awarded with TÜRİB ELÜS Market Contract Agriculture FINTECH Solution in the category of "Digital Transformation" in the competition for digital projects within the scope of IDC DX Summit 2020.

At the IDC DX Awards 2020, where the champions of the digital arena were determined, awards were given to the institutions and managers who qualified for IT projects that took place during the year. TÜRİB, which started its activities to support the stable growth of the agricultural sector and the country's economy by bringing agricultural producers and consumers together on a central platform, was also awarded with a digital solution for the contract agricultural production model it integrates into the Electronic Product Promissory Note (ELÜS) Market.

TÜRİB ELÜS Market "Contract Agriculture FINTECH Solution" is a digital solution offered to corporate customers who have a plant-harvest time purchase agreement with producers with the contract agricultural production model. With this solution, which was commissioned in June 2020, the products stored in licensed warehouse enterprises and converted into ELÜS on behalf of the manufacturers are traded between the buyer and seller in confidence and stability in the TÜRİB ELÜS Market. In this process, in-kind and/or cash payments made to farmers by buyers before harvesting are offset in the clearing process through the transaction amounts carried out in TÜRİB in full automation. Thus, the operational risks of collecting pre-payments made by buyers to manufacturers are reduced and effectiveness is ensured in legal processes.

Within the scope of the Contract Agriculture FINTECH Solution, cooperation was made regarding the purchase and sale of contracted agricultural products in TÜRİB, which will be taken by the cooperatives that are members of Turkish Sugar Factories Inc. (TURKŞEKER) and Turkish Agricultural Credit Cooperatives (TARIM KREDİ). TÜRKŞEKER and TARIM KREDİ, while making their purchases within the scope of the contract production model within the scope of full automation with TÜRİB from licensed warehouses where farmers deliver their products, offset the payments they made to the farmer before harvesting from the transaction amounts.

- About TÜRİB

Founded in June 2018; TÜRİB operates in stockbroking to ensure the trade of futures contracts based on electronic product securities and electronic product securities created by licensed warehouse operators. While TÜRİB works on the digitization of the field-to-table food supply chain, the Union of Chambers and Commodity Exchanges of Turkey (TOBB), Ministry of Commerce, Ministry of Agriculture and Forestry, Ministry of Treasury and Finance and other stakeholders continue to cooperate in areas such as the development of contract agriculture and licensed warehouses.