DBS and Trafigura start blockchain trade platform in Singapore
2019-11-12 13:47:57 [Print]
Southeast Asia's largest bank DBS, Swiss commodities trader Trafigura and their partners have started a blockchain trading platform in Singapore aimed at reducing paperwork and improving trade flows, the bank said.
The first trade to be carried out on the ICC Tradeflow platform will be a cargo of iron ore worth $20 million to be shipped from Africa to China this month, DBS said recently.
The platform is built on Singapore's Infocomm Media Development Authority's (IMDA's) network infrastructure and Perlin's blockchain technology, DBS said.
All parties on the blockchain platform will also be able to send, receive and act upon trade instructions in real time, cutting the end-to-end trade document transit time by more than half from 45 to 20 days, the bank said.
More enhancements will be made to the platform including trade finance on-the-go, providing background information and credit ratings on trade participants, vessels and couriers to build trust among counterparties, DBS said.
The first trade to be carried out on the ICC Tradeflow platform will be a cargo of iron ore worth $20 million to be shipped from Africa to China this month, DBS said recently.
The platform is built on Singapore's Infocomm Media Development Authority's (IMDA's) network infrastructure and Perlin's blockchain technology, DBS said.
All parties on the blockchain platform will also be able to send, receive and act upon trade instructions in real time, cutting the end-to-end trade document transit time by more than half from 45 to 20 days, the bank said.
More enhancements will be made to the platform including trade finance on-the-go, providing background information and credit ratings on trade participants, vessels and couriers to build trust among counterparties, DBS said.
