DBS And Standard Chartered To Launch Trade Finance Platform For Central Banks Worldwide
DBS And Standard Chartered To Launch Trade Finance Platform For Central Banks Worldwide
October 8, 2020
DBS And Standard Chartered To Launch Trade Finance Platform For Central Banks Worldwide
DBS And Standard Chartered To Launch Trade Finance Platform For Central Banks Worldwide
October 8, 2020

DBS, the Singapore-based multinational banking entity, and Standard Chartered have completed the proof-of-concept of their blockchain trade finance platform called the “Trade Finance Registry.”

It has been reported that the two entities developed the PoC in collaboration with 12 other banks on top of the blockchain platform of Singapore-headquartered company Dltledgers.

However, Dltledgers stated that the banks involved in the project now intend to launch the platform for commercial use by central banks around the globe.

The report said that while the platform will first be used by the Monetary Authority of Singapore, the entities involved in the project also plan to propose it to central banks from the United States, the United Kingdom, Thailand, the UAE, India, Hong Kong, Qatar, and Indonesia.

Backed by Enterprise Singapore, a government enterprise under the Ministry of Trade & Industry and the Association of Banks in Singapore, the trade finance platform is expected to help banks fight fraud in lending and commodity trade.

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Samir Neji, the founder of Dltledgers, said that the platform uses the company’s blockchain-based TradeDoc Validation Registry to help banks detect fraud in real-time.

Also, DBS and Standard Chartered said in a statement that the pilot test helped reduce the chances of duplicate financing from different bank lenders for the same trade inventory. 

Thus, they added that this will lead to greater trust and confidence among banks and traders.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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