Trafigura pilots US$20m trade on Singapore blockchain platform
Add BT as a preferred source
Singapore
A NEW blockchain platform meant to tackle the perennial problems behind the trillion-dollar trade finance market has been developed in Singapore among partners including commodity trading giant Trafigura and DBS, with a US$20 million pilot trade to be transacted via it.
The open-sourced blockchain platform - known as the ICC TradeFlow platform - will facilitate this month a Trafigura shipment of iron ore from Africa to China, a press release from DBS on Wednesday said.
TRENDING NOW
Watch live: PM Wong, Chan Chun Sing to address political office-holders’ salary review in Parliament
Vietnam pitches its real economy, not a Singapore replica, in two-city IFC push
Lawsuit from ex-advisers adds to claims arising from Hao Mart’s lease of Taste Orchard
Canada’s fight with the US has far bigger stakes than trade
