CIMB Singapore eyes US$100m of trade financing via blockchain
First structured trade financing transaction on platform run by Singapore-based iTrust was completed this month
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CIMB Bank in Singapore plans to push up to US$100 million in trade financing transactions over the next 12 months on a blockchain platform backed by a company run by GIC's former head of technology, and a Singapore security-tracking firm backed by Temasek's Heliconia Capital.
CIMB and iTrust said on Thursday that they successfully completed its first structured trade financing transaction on the platform run by Singapore-based iTrust this month. The transaction involves the financing of dairy products imported into China, though a spokesperson declined to name the company.
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