Anti-fraud trade finance blockchain consortium launches in Singapore

Wednesday 21 November 2018 10:45 CET | News

The World Blockchain Trade Consortium was formed in Singapore to use Trade Finance Market’s technology called Invoice Check to prevent invoice fraud.

One of the participants is Singapore based GTR Ventures. Other members are Australia-based National Credit Insurance Brokers, Singapore-based fintech Incomlend and South American fintech Portal Finance. It’s not uncommon for companies seeking finance to attempt to get trade credit multiple times using the same invoice.

The technology is similar to Monetago‘s where there is a blockchain with an obfuscated reference to invoices. Other parties can check the blockchain to verify that an invoice has not yet been financed. In the Monetago case, they partnered with a group of significant trade finance providers in India to prevent trade finance fraud. WBTC aims to share invoices globally.

The WBTC consortium differs from others where the primary aim is to digitise trade documents to facilitate speedy trade finance. However, the WBTC plans to interoperate with other consortia.

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Keywords: The World Blockchain Trade Consortium, Trade Finance Market, trade finance consortium, consortium, Singapore, trade finance, andi-fraud, GTR Ventures, National Credit Insurance Brokers, Incomlend, fintech, Portal Finance, blockchain
Countries: World

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