ASB announced its decision to invest in a local startup developing a digital supply chain platform. TradeWindow's 'Distributed Ledger Technology' aims to reduce fraud by verifying the identities of trading parties and allowing edits to relevant documentation to be made only by majority consensus. ASB Bank Executive General Manager of Corporate Banking Nigel Annett will join TradeWindow's board, and the software will likely be commercially launched later this year. Also in New Zealand, High Court proceedings have begun against payday lender Pretty Penny (Quadsaa Pty Ltd) over alleged breaches of the Credit Contracts and Consumer Finance Act by failing to comply with its lender responsibility principles. The action is bring brought by the Commerce Commission, which said it had received 76 complaints about Pretty Penny since March 2017 and alleged the lender misled potential borrowers in its advertising and failed to ensure that borrowers understood or could comply with loan agreements.