Published: DEC 04, 2019 

Geneva, Switzerland. In November 2019, ADM, Bunge, Cargill, COFCO International, Home Appliances and Glencore Agriculture, as founding members, launched an industry-wide initiative to promote the modernization of global trade operations in the agribusiness industry. They released for the project The new name "Covantis" was adopted, and the corresponding website "www.covantis.io" was launched.

This move promotes the realization of the project's vision, which is to connect the entire agricultural product industry through an independent and credible digital platform to improve the post-trade efficiency of all participants. The digital platform currently under development will also be named after Covantis, and the platform is expected to be officially launched in 2020 after obtaining regulatory approval.

 Covantis also announced that Stefano Rettore will lead the project as an independent consultant during the project development phase, including identifying the right person for the CEO, until the management team is in place and the CEO is appointed. Future entities, executive appointments, and the platform itself will all require regulatory approval. Rettore has more than 20 years of experience in the global agribusiness industry. He has served as chief risk officer and head of source business of ADM. Before joining ADM, he held various senior management positions in the agricultural cooperative business organization CHS.

 Rettore said, "I am very happy to be able to help lead the Covantis project. We are working hard to build a groundbreaking new technology platform." He also said, "Covantis provides a way to improve agricultural trade and release for all participants in the supply chain. Great value. By working with the industry, we have the opportunity to build a more effective and efficient digital future for global trade."