DBS And Standard Chartered To Launch Blockchain Platform To Fight Trade Finance Fraud

DBS and Standard Chartered to launch blockchain platform to fight trade finance fraud. DBS and Standard Chartered have completed the proof-of-concept of their blockchain trade finance platform called the Trade Finance Registry. The PoC was developed in collaboration with 12 other banks on top of the blockchain platform of Singapore-headquartered company dltledgers.

Although the platform will first be used by the Singapore Monetary Authority, it will also be suggested to central banks in the United States , the United Kingdom, Thailand, the United Arab Emirates, India , Hong Kong, Qatar and Indonesia by the entities involved in the project.

Backed by Enterprise Singapore — a government enterprise under the Ministry of Trade and Industry — and the Association of Banks in Singapore, the trade finance platform is expected to help banks fight fraud in lending and commodity trade.

The platform uses the company’s blockchain-based Trade Doc Validation Registry to help banks detect fraud in real-time, according to dltledgers founder Samir Neji.

In a statement, DBS and Standard Chartered said that the pilot test helped reduce the chances of duplicate funding for the same trade inventory from various bank lenders. This, they added, would lead banks and traders to have greater faith and trust.

[image: Peter Nguyen]

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