Kadmos recently participated in SMM, a leading international maritime trade fair, during its 30th edition held in Hamburg.

The maritime fair, running from September 6-9, served as a showcase for around 2,000 exhibitors and more than 40,000 visitors from over 100 countries. Digital transformation, together with climate change and the maritime energy transition, were the primary topics discussed during the 30th edition of SMM.

The Forgotten Driver of Digitalization in Shipping: Fintech

Among featured panelists were Kadmos co-founders, Justus Schmueser and Sasha Makarovych, who held a speech on SMM’s Digital Transition Stage. Entitled “The Forgotten Driver of Digitalization in Shipping: Fintech,” the talk focused on the digitalization trend, cutting-edge Fintech, financial wellbeing, and seafarer happiness.

In 2022, digitalization has entered all aspects of ship operations. From ship design and management to communications and navigation, the growth of digital technologies has accelerated in the industry. However, does this trend extend to payments?

“How the industry pays seafarers is outdated. In the realm of finance and seafarers’ payments, there has been virtually no discussion, progress, or notable innovations,” Justus Schmueser said in his speech. “This is puzzling because, unlike many areas, the way that seafarers have been paid hasn’t changed for decades,” he continued.

For instance, the SWIFT system, created in the 1970s and built on technology from this time period, constitutes a main method by which seafarers are paid, along with simple cash payments and the use of intermediaries. 

Fintech comes to the rescue by changing the way seafarers are paid and supported

The Kadmos payment platform is built with cutting-edge financial technology, allowing shipping owners to pay their seafarers more quickly, transparently, and efficiently. As explained in the presentation, Kadmos’ payment platform leverages local banking networks, Fintech software, and E-wallets to transcend the traditional challenges of paying seafarers based around the world.

Kadmos co-founders explained the benefits of digitalization both for shipping companies and seafarers. In recent years, there has been an increased focus on seafarers wellbeing. This is especially important for shipping companies as crew retention is taking on an even greater importance.

“Digitalization is more than just reducing costs,” Sasha Makarovych shared in his speech. “It plays an essential role in improving seafarers wellbeing”, he added. In fact, better salary payments provide seafarers with security, transparency, control and peace of mind.

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About Kadmos

Kadmos is a Berlin-based Fintech on a mission to revolutionize the way that seafarers are paid. In an industry dominated by opaque mark-ups, kickbacks, and literal bags of cash, we want to reduce administration and accounting costs associated with paying your crew. At the same time, we are committed to providing more control over finances through a free e-wallet that enables money transfers with marketing-leading FX rates as well as a global debit card. Read more about Kadmos, our team, and our founding story.

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