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DBS, Standard Chartered join group of banks to develop trade finance registry pilot

Tuesday 6 October 2020 11:05 CET | News

DBS and Standard Chartered have jointly led a workgroup of 12 other banks to create and conduct a digital Trade Finance Registry (TFR) POC.

Supported by Enterprise Singapore (ESG) and endorsed by The Association Banks of Singapore (ABS), the TFR POC aims to be an industry utility by serving as a secure central database for the banking industry to access records of trade transactions financed across banks in Singapore. 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.

Developed on a blockchain network supported by technology provider dltledgers, DBS and Standard Chartered scoped and developed the POC in the span of three months, with the support of 12 other banks. The participating banks were ABN AMRO, ANZ, CIMB, Deutsche Bank, ICICI, Lloyds, Maybank, Natixis, OCBC, Rabobank, SMBC and UOB.

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

Going forward, ABS will manage the TFR, supported by a Standing Committee represented by the ABS Council member banks. Three Working Groups of banks will be set up to jointly lead the governance, technical development, and business scope of the project. ABS will be inviting all banks to join the TFR as members.

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Keywords: DBS, Standard Chartered, banks, trade finance registry, pilot, blockchain, distributed ledger technology, ABN AMRO, ANZ, CIMB, Deutsche Bank, ICICI, Lloyds, Maybank, Natixis, OCBC, Rabobank, SMBC, UOB
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Singapore
This article is part of category

Banking & Fintech