Singapore bank
DBS collaborated with agricultural commodity business Agrocorp to develop a blockchain trade platform. Initially, the blockchain platform will enable 4,500 Australian farmers in Agrocorp’s network to connect with customers such as supermarkets and restaurants.
The benefits of the platform are real-time price updates, shared delivery information, and automated trade finance approval. DBS estimates it will reduce Agrocorp’s working capital cycle by 20 days.
Mr. Raof Latiff, MD and Group Head of Digital, Institutional Banking Group, DBS Bank, said: “The blockchain platform solution provides not only transparency, but also greater speed with which the business and its vendors can transact and finance their cross-border trades. The traceability that blockchain provides also offers much-needed security when dealing with a new counterparty.”
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