Singapore banks to develop a register of trade finance transactions on the blockchain

14 Singapore banks will jointly develop a digital system on the blockchain to account for transactions of trade financing. The system should increase transparency and reduce fraud risks.

The project leaders were DBS Bank banks and Singapore division of Standard Chartered. Local departments of ABN Amro also joined him, ANZ, Deutsche Bank and others. The development of the platform will be engaged.

DBS Bank, together with Standard Chartered, developed a concept for the digital register of trading financing transactions for three months. The statement of DBS Bank says:

“The platform should become industry tools and serve as a central database of trade financing transactions for banks, working in Singapore. She will reduce the risks of duplication of requests for financing one delivery in different banks, and also increase the trust between banks and trading companies ".

Currently, banks have no information about, that the company, Trying to get a loan, Already received funds in another bank, or trying to take money for one project in several banks at once.

In early September, DltenDger General Director Samir Neji (Samir Neji) stated, that in the context of the economic crisis, the blockchain will help protect banks from scandals in the trade financing industry.

Source