SINGAPORE - DBS and Standard Chartered have jointly led a workgroup of 12 other banks to create and conduct a proof-of-concept for a digital Trade Finance Registry .
The TFP POC aims to serve as a secure central database for the banking industry to access records of trade transactions financed across banks in Singapore, DBS said. Sam Mathew, global head of documentary trade at StanChart, noted that driving sustainable trade finance growth and managing risks are core to the bank's strategy. He added that the POC was also delivered in"record time" from concept to testing.
Said Satvinder Singh, Enterprise Singapore's assistant chief executive officer:"By working with dltledgers, a local company specialising in blockchain technology, the industry workgroup was able to accelerate the development of a neutral and secure platform to ease the flow of information between banks and prevent duplicate financing."
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