In a joint statement issued on 6 October 2020, DBS and Standard Chartered said they are leading a group of 12 other banks in Singapore to create and conduct a secure central database for the banking industry to access records of trade transactions financed across banks here.
With this in place, banks will be able to conduct validations within a single customer entity, or across their individual banking network, with no view of what other banks have financed or undertaken payment obligation against.
The registry’s proof of concept is supported by Enterprise Singapore (ESG) and endorsed by The Association Banks in Singapore.
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