Banks in Singapore tie up for digital trade finance registry to mitigate fraud
It will provide a secure central database of trade transactions financed here
Singapore
LED by local lender DBS and Standard Chartered, banks in Singapore are creating a digital trade finance registry (TFR), in a bid to mitigate fraud and boost transparency in commodity trade finance.
This comes as a slump in oil prices earlier this year blindsided the oil and commodities trading industry, exposing the financial weakness and alleged irregularities of several traders in Singapore, including oil trading giant Hin Leong Trading.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama