DBS, Contour complete secured LC transaction on blockchain network
Add BT as a preferred sourceSingapore
EFFORTS to digitalise trade finance are taking shape amid renewed questions over fraud in trade finance, with DBS Bank and blockchain trade-finance network Contour sewing up the network's first digital end-to-end secured letter of credit (LC).
The transaction was made between Nanjing Iron & Steel, Singapore Jinteng International and Hope Downs Marketing Company - an equal joint venture between Rio Tinto and Hancock Prospecting, DBS said in a statement on Wednesday.
TRENDING NOW
Lamborghini-driving boss of Eminent Frog Porridge charged with S$3.8 million tax evasion, money laundering
Not in education, employment or training: Why more Hong Kong youths are opting out of work
With AI, it’s not about coding better; workers need to think better: Koh Boon Hwee
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
