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Standard Chartered, DBS successfully test blockchain trade finance platform

The platform is expected to assist banks fight fraud in lending and commodity trade space

Banking majors Standard Chartered and DBS have successfully tested a pilot of their blockchain trade finance platform known as trade finance registry, media reports said. The platform is expected to assist banks fight fraud in lending and commodity trade space once it is commercially launched.

The proof of concept for the platform was carried out by the banking giants along with 12 other banks. Dltledgers, a Singapore-based company provided the blockchain platform for the proof of concept.

Dltledgers, told the media, “the banks involved in the project now intend to launch the platform for commercial use by central banks around the globe. The platform uses the company’s blockchain-based TradeDoc Validation Registry to help banks detect fraud in real time.

It is reported that the trade finance registry will be used by the Monetary Authority of Singapore along with the banks supporting the project. The platform is further expected to be launched in central banks from countries such as India, Indonesia, Hong Kong, Qatar, the UK, the UAE and Thailand.

The project is backed by the Association of Banks in Singapore and Enterprise Singapore, a government agency focused on enterprise development.

Both the banks said that the proof of concept helped to curb trade finance fraud such as duplicate financing from different bank lenders for the same trade inventory. Furthermore, the platform expects to secure banks and traders.

The move by DBS marks its latest effort toward the usage of blockchain to digitise trade finance.

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