Today Singapore based DBS Bank
announced the launch of its multi-tier trade finance service on a blockchain. The service hopes to make trade financing for Chinese small and medium-sized enterprises (SMEs) more accessible.
Today’s release also revealed that the first transaction on the blockchain, named Rong-E Lian, was completed in August.
Rong-E Lian was built with an unnamed Chinese logistics firm. DBS’ solution running on that blockchain aims to provide secondary or tertiary suppliers, which are often SMEs with little credit history, with trade financing. While direct suppliers don’t have as much troubling gaining credit,
their suppliers can be left behind, according to Neil Ge, the CEO of DBS China.
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