Banks in Singapore team up to develop digital trade registry By Reuters


2/2
© Reuters. FILE PHOTO: DBS signages are seen as office workers work in Singapore

2/2

SINGAPORE (Reuters) – DBS Group (SI:) and Standard Chartered (L:) are leading a group of 12 other banks in Singapore to create a digital trade finance registry in a bid to mitigate the risk of trade fraud and boost transparency.

The move by commodity trade financiers in Singapore to create a central database to record trade transactions financed across banks comes after the industry lost billions of dollars due to a spate of defaults and cases of suspected trade fraud this year.

“A digital trade registry strengthens trade financing banks’ ability to avoid duplicate financing, and facilitates more sustained credit flow in trade financing,” Ho Hern Shin, an assistant managing director at the Monetary Authority of Singapore said in a statement issued by DBS and Standard Chartered on Tuesday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*