Singapore banks team up to develop digital trade registry

SINGAPORE: DBS Group and Standard Chartered are leading a group of 12 other banks in Singapore to create a digital trade finance registry in a bid to mitigate the risk of trade fraud and boost transparency.

Developed on a blockchain network, DBS and Standard Chartered conducted the proof of concept over three months, with the support of 12 other banks. They comprise: ABN AMRO, ANZ, CIMB, Deutsche Bank, ICICI, Lloyds, Maybank, Natixis, OCBC, Rabobank, SMBC and UOB. A digital trade registry can strengthen trade financing banks' ability to avoid duplicate financing, and facilitate more sustained credit flow in trade financing, said Ms Ho Hern Shin, assistant managing director of banking and insurance at the Monetary Authority of Singapore.

Following the completion of the proof of concept, DBS and Standard Chartered will work with the Association Banks of Singapore to implement the registry as an industry utility to enhance trade financing practices within Singapore, before expanding it globally to cover major trade corridors at a later stage.

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