EmerioBanque

DBS and Standard Chartered Launch Blockchain Trade Finance Platform to Curb Trade Finance Fraud

Singapore-based multinational banking entity DBS and Standard Chartered are about to change the way banking is done. These two entities have completed proof of concept for their blockchain trade finance platform and have named it as the ‘Trade Finance Registry.’


These two institutions are focused on developing a more fraud-proof banking environment with their PoC in collaboration. Besides these two banks, they have merged with 12 other banks that are currently placed at the top level of blockchain technology and are using the platform for the same.


Handled by Singapore-headquartered company Dltledgers, the company has come in interaction with Cointelegraph. As per their communication, the banks involved in the project are gearing up to launch the platform for commercial use by central banks around the globe.


The upcoming platform which will first be used by the Monetary Authority of Singapore will be made available to the rest of the world afterwards. The 12 major entities which are involved in creating a seamless banking experience also plan to propose it to central banks from the United Kingdon, United States, India, Thailand, the United Arab Emirates, Hong Kong, Indonesia, and Qatar.


Backed by Enterprise Singapore which is an established government enterprise that comes under the Ministry of Trade and Industry, this banking association is also in partnership with the Association of Banks in Singapore. Their newly developed trade finance platform will help banks to fight the frauds that have been on the rise over a global scale recently.


According to Dltledgers founder Samir Neji, “the platform uses the company's blockchain-based TradeDoc Validation Registry to help banks detect fraud in real time.”


Apart from their announcements over the highly secure banking solution, DBS and Standard Chartered said in a statement that, “the pilot test helped reduce the chances of duplicate financing from different bank lenders for the same trade inventory. This is why we have added a solution that will lead to greater trust and confidence among banks and traders.”


This is one of the latest ventures by DBS in implementing blockchain technology to digitize trade finance. Lastly, it was only four months ago when these leading entities came in terms to work as a bank that joined the blockchain network Contour, built over R3’s Corda, in order to modernize processes for the settlement of letters of credit.


Source: https://cointelegraph.com/news/dbs-and-standard-chartered-to-launch-blockchain-platform-to-curb-trade-finance-fraud/amp





Other news

Exchange Rates

Currency Buy Sell
EUR USD 1.06 1.10
EUR GBP 0.86 0.89
EUR CHF 1.02 1.06
EUR AUD 1.72 1.70
EUR JPY 116.08 116.56
EUR MYR 4.50 4.77
EUR SGD 1.53 1.57
EUR HKD 8.27 8.53
EUR CAD 1.54 53.84
EUR DKK 9.75 1.55

Most Recent Blogs View All Blogs

08 Feb

Blockchain's Impact on Trade Finance: Shaping Global Commerce

Trade financing facilitates global commerce but involves antiquated systems reliant on manual paperw...

06 Feb

India's Trade Dynamics Amidst the Red Sea Crisis

As of now, there has been no significant impact on India's exports and imports owing to the crisis i...

31 Jan

Choosing the Right Trade Finance Instrument for Your Business

Understanding Trade FinanceTrade finance facilitates transactions and lowers risks for buyers and se...

Disclaimer

Emerio Banque is an innovative global financial institution incorporated in England and Wales with Legal Entity Identifier 875500DGPPWAFABBK130. Emerio Banque does not offer its products and services to businesses and/or persons registered in the United Kingdom.

No information on this website should be construed as a solicitation, offer, recommendation, and representation of suitability or endorsement of any security, investment or strategy.

Important Notice

Emerio Banque would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services offered by us or any intermediary bearing similar names. You should verify with Emerio Banque by calling our Customer Service Number on +44 203 059 7831 or emailing help@emeriobanque.com

Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Emerio Banque.

We have recently become aware of a number of entities with different names misrepresenting themselves as associates, partners or agents of Emerio Banque.

Please be informed that Emerio Banque is not associated with nor do we have any business connections or dealings with such institutions.

Emerio Banque takes all information regarding suspicious fraudulent activity very seriously. Please immediately inform us at compliance@emeriobanque.com if you suspect or are approached by persons misrepresenting or impersonating Emerio Banque and/or its officials. We will make investigations and will take legal action where necessary.