Today Standard Chartered and DBS Bank announced a successful blockchain proof of concept for a Singapore Trade Finance Registry (TFR) supported by the banking industry, aimed at tackling fraud.
The goal is to prevent the same document that shows title to goods, being used for trade finance more than once.
To get the platform up and running quickly, government body Enterprise Singapore sponsored the initiative and appointed dltledgers, which has a successful trade finance solution, to implement the platform. In total 14 banks are involved together with the Association Banks of Singapore (ABS).
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