To be powered by blockchain technology, the digital registry aims to be a central database for banks to access records of trade transactions and reduce risks of duplicate financing.
Banks in Singapore are teaming up to develop a digital trade finance registry that will serve as a central database from which they can access records of trade transactions. To be built on blockchain technology, the platform aims to drive greater transparency and reduce the risk of trade fraud, including duplicate financing. Led by DBS Bank and Standard Chartered, the initiative is supported by 12 other banks including ABN AMRO, ANZ, Deutsche Bank, ICICI, OCBC, and UOB. Singapore-based blockchain technology startup DLTLedgers has been roped in to develop the platform, said DBS in a statement Tuesday. The Singapore bank said it, alongside Standard Chartered, have worked for three months to establish the proof-of-concept for the digital registry that they hoped would enhance lending practices and improve transparency in commodity trade.
