- Freight Technologies Inc., often abbreviated as Fr8Tech, has seen the introduction of a unique solutions suite designed to optimize and automate the supply chain process and provide a platform for B2B cross-border shipping in the NAFTA region
- Hudson Capital Inc. acquired 100% of Freight App, Inc. as a wholly owned subsidiary on February 14, 2022, and Fr8App (a “DBA” for Freight App, Inc.) is not only a DBA name, it is their core marketplace (a service or platform under the Freight Technologies umbrella) (https://ibn.fm/mZnwe)
- Fr8App, the company’s flagship product and platform for cross-border shipping, offers a cloud-based marketplace that simplifies the once-complex process of organizing and optimizing international over-the-road (“OTR”) shipping
- Fr8Tech just announced that its wholly owned Mexican subsidiary is on schedule to automate the alignment of its Fr8App platform with Mexico’s CFDI 4.0, a new standard for digital tax receipts that will become mandatory in January 2023
- Through innovation, Fr8Tech is lowering the barrier of entry into tech solutions in the cross-border shipping space, allowing shippers to enjoy flexibility, visibility, and simplicity, and carriers to achieve increased growth opportunities
The Fr8App platform for cross-border shipping, allows Freight Technologies (NASDAQ: FRGT) (Fr8Tech) to offer a cloud-based marketplace that simplifies the once-complex process of international over-the-road (“OTR”) cross-border shipping, promising shippers quick and safe cross-border shipments while streamlining daily carrier operations (https://ibn.fm/Scn3d). The platform functions just as well for domestic, intra-country operations in each of the countries of the United States of America, Mexico or Canada.
Because of this and the other offerings in the Fr8Tech solutions suite, including but not limited to Fr8Radar, Fr8TMS, and Fr8FMS, the company has come to be known for developing solutions to optimize and automate the supply chain process, offering a powerful platform for business-to-business (“B2B”) cross-border shipping in the North American Free Trade Agreement (“NAFTA”) region.
Fr8Tech is constantly exploring new ways to create more value for its clients and streamline the region’s cross-border shipping process. To that effect, the company’s wholly-owned subsidiary, Freight App de Mexico, SA de CV, just announced that it is on schedule to automate Fr8App’s alignment with CFDI 4.0, a legal requirement for companies that are registered in Mexico’s Tax Administration Service (“SAT”) (https://ibn.fm/BdECJ) and that carry freight across the Mexican border and, in some instances, within Mexico itself.
“We are on schedule to be prepared to support our clients with the new tax requirements by July 2022 and we will help our clients comply with this essential fiscal reporting requirement, which will allow us to reinforce our business relationships in Mexico,” noted Javier Selgas, the Chief Executive Officer (“CEO”) of Freight Technologies.
CFDI is the Digital Tax Receipt’s new version, used by taxpayers to issue electronic invoices. It replaces the previous version (“CFDI 3.3”) and features fields to identify the operations where there is an export of goods. It also helps to identify if operations covered by the receipt are subject to indirect taxes and also incorporates new sections to report information regarding operations to the general public.
Initially, the CFDI 4.0 standard was set to be mandatory as of July 2022. However, tax authorities granted an extension to January 2023. Regardless, Fr8Tech believes that the period is still too short for smaller carriers to develop their own solutions and deploy them before the deadline. As such, the company believes its offering is a more viable solution and cost-effective approach to meet the required standards. Furthermore, non-compliance, once the deadline passes, could result in fines or halting deliveries with non-compliant paperwork, which makes Fr8Tech’s solution even more appealing to businesses in the region.
“We believe that smaller carriers can’t afford to develop these solutions in a timely way on their own, so our ability to provide them with an automated tool increases our value proposition for them,” noted Mr. Selgas.
Through innovation, the company is lowering the barrier of entry into these tech solutions, making them accessible to more businesses across the region. In addition, it offers carriers increased growth opportunities and shippers flexibility, visibility, and simplicity, helping to grow the industry and the businesses therein.
Fr8Tech believes that offering its solutions will increase the value-added nature of its services, strengthen its business relationships across the NAFTA region and increase its technology’s adoption in the market. Its management is also optimistic about the future, as it continues to innovate and introduce new product offerings.
“By addressing complex tax compliance issues with technology and automation, we increase the value-added nature of our services for anyone that requires CFDI compliance,” noted Mr. Selgas.
For more information, visit the company’s website at www.Fr8Technologies.com.
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT