12 leading banks in Singapore along with DBS Group and Standard Chartered are grouping together to develop a digital trade finance registry in a bid to reduce the risk of trade fraud and boost transparency. The idea of creating a central database to record trade by commodity trade financiers in Singapore came up when the industry lost billions of dollars due to a spate of defaults and cases of suspected trade fraud this year.

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Developing a blockchain network, DBS and Standard Chartered escort the proof of concept over three months, with the support of 12 other banks. They include ABN AMRO, ANZ, CIMB, Deutsche Bank, ICICI, Lloyds, Maybank, Natixis, OCBC, Rabobank, SMBC and UOB. According to a statement on Tuesday (Oct 6) by The Trade Finance Registry, they stated that they have worked to weaken the process of duplicate financing from different bank lenders for the same trade inventory that leads to greater trust and confidence among banks and traders. 

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Banks are now able to manage the validations only within a single customer entity or across their individual banking network with no view of what other banks have financed or undertaken payment obligation against this is stated by the union of banks. In other ways, digital trade registry helps to strengthen trade financing banks and have the ability to avoid duplicate financing along with facilitating more sustained credit flow in trade financing, said Ms. Ho Hern Shin, assistant managing director of banking and insurance at the Monetary Authority of Singapore.

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