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Blockchain: Singapore pilots app for distributed ledger technology in trade finance


Standard Chartered Bank, DBS Bank and the Infocomm Development Authority of Singapore (IDA) have completed a proof of concept (PoC) for delivering the world’s first application of distributed ledger technology to enhance the overall security of trade finance invoicing.



The initiative allows banks to convert invoices into digital assets on a distributed ledger. This gives the participants the ability to access a single source of information for the status of invoices seeking financing across all the participating banks while preserving client and commercial confidentiality.

This is done by utilizing distributed ledger technology as a means to prevent duplicate financing of the same invoice by different banks. It is envisaged to be an open ecosystem where neutral third parties can participate and verify the authenticity of the related trade documents being financed; further reducing the risk of financing duplicate invoices.

With enhanced security brought into the overall process, it reduces the systemic capital risks arising from duplicate invoices between lenders in a market. This creates a more conducive trading environment, which in turn should encourage more trading activities using invoice financing.

“As we build Singapore into a Smart Nation, we are also working closely with the financial sector to enable innovations that can help increase Singapore’s competitiveness as a global trading hub. It is essential for strong public-private sector partnerships to flourish to create a Smart Financial Centre with world class leading edge solutions that benefit our businesses,” said Khoong Hock Yun, Assistant Chief Executive, Development Group, IDA.

In the next phase of the project, the working team said it will be looking at widening the participation to include other industry stakeholders, including government agencies such as Singapore Customs and other banks based in Singapore, to join as partners and contribute to the commercial adoption of this initiative.

www.ida.gov.sg
www.dbs.com
www.sc.com

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Thursday, January 7th 2016
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