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DBS and Standard Chartered to launch blockchain platform to curb trade finance fraud

DBS and Standard Chartered to launch blockchain platform to curb trade finance fraud

The Singapore-based multinational banking entity DBS and Customary Chartered have accomplished the proof-of-concept of their blockchain commerce finance platform known as the Commerce Finance Registry.

The 2 entities developed the PoC in collaboration with 12 different banks on high of the blockchain platform of Singapore-headquartered firm Dltledgers.

Dltledgers advised Cointelegraph that the banks concerned within the venture now intend to launch the platform for industrial use by central banks across the globe.

Whereas the platform will first be utilized by the Financial Authority of Singapore, the entities concerned within the venture additionally plan to suggest it to central banks from america, the United Kingdon, Thailand, the United Arab Emirates, India, Hong Kong, Qatar and Indonesia.

Backed by Enterprise Singapore — a authorities enterprise below the Ministry of Commerce and Trade — and the Affiliation of Banks in Singapore, the commerce finance platform is anticipated to assist banks struggle fraud in lending and commodity commerce.

Based on Dltledgers founder Samir Neji, the platform makes use of the corporate’s blockchain-based TradeDoc Validation Registry to assist banks detect fraud in actual time.

DBS and Customary Chartered stated in a press release that the pilot take a look at helped cut back the probabilities of duplicate financing from completely different financial institution lenders for a similar commerce stock. This, they added, will result in higher belief and confidence amongst banks and merchants.

That is solely the newest effort by DBS in utilizing blockchain to digitize commerce finance. Solely 4 months in the past, the financial institution joined the blockchain community Contour, constructed over R3’s Corda, with a view to modernize processes for the settlement of letters of credit score.

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