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DBS, StanChart lead industry workgroup to develop Trade Finance Registry pilot

DBS, StanChart lead industry workgroup to develop Trade Finance Registry pilot

Original post - The Business Times    LOCAL lender DBS and Standard Chartered have jointly led a workgroup of 12 other banks to create and conduct a proof-of-concept (POC) for a digital Trade Finance Registry (TFR). This is to enhance lending practices and improve transparency in commodity trade, DBS and StanChart said in a joint statement on Tuesday. The TFR POC aims to serve as a secure central database for the banking industry to access records of trade transactions financed across banks in Singapore, both banks said. "This mitigates against duplicate financing from different bank lenders for the same trade inventory, leading to greater trust and confidence among banks and traders alike," DBS and StanChart added. The POC is supported by Enterprise Singapore and endorsed by The Association Banks in Singapore (ABS). Said Sriram Muthukrishnan, global head of trade product management at DBS: "The Trade Finance Registry marks an important step towards fostering greater transparency through collaboration and strengthening lending practices in Singapore's banking sector while ensuring a secure operating environment for the industry as we progress towards an increasingly digital trade future." 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. Developed on a blockchain network...

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How Singapore’s first trade finance digital registry works

How Singapore’s first trade finance digital registry works

Original post by Karry Lai, International Financial Law Review  Blockchain startup DLTLedgers and the banks involved in the project share insights on the challenges encountered in creating the proof of concept.   The Monetary Authority of Singapore (MAS),...

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