Banks have reduced their commodities business this year to cut risk following collapses, including that of Singapore's Hin Leong Trading Ltd, which shocked lenders after instances of financial trouble were laid bare by the coronavirus crisis.
"A digital trade registry strengthens trade financing banks' ability to avoid duplicate financing, and facilitates more sustained credit flow in trade financing," said Ho Hern Shin, an assistant managing director at the Monetary Authority of Singapore. The registry's proof of concept is supported by Enterprise Singapore , a government agency that promotes trade, and endorsed by the main representative body of banks.
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