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StanChart makes its first S'pore trade finance deal on blockchain

The technology streamlines documentation process and provides security and transparency for participants

Annabeth Leow

Published Thu, Jan 24, 2019 · 09:50 PM

Singapore

STANDARD Chartered's Singapore unit has pulled off its first cross-border trade finance transaction on a blockchain-based platform, after previous initiatives by other arms of the global lender.

StanChart tapped startup Distributed Ledger Technologies' platform to complete an agri-business supply chain deal in one day, instead of the normal five to seven, the bank announced on Thursday.

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