DBS teams up with StanChart in new trade finance venture

Transactions need to be simpler.

Standard Chartered Plc is working with DBS Group Holdings Ltd. on developing distributed ledger technology for trade finance in Singapore, in a bid to make such transactions simpler and more transparent, according to a report by Bloomberg.

The banks have successfully tested the technology with each other, and will invite other companies into the system next year, Shirish Wadivkar, head of payables, receivables & flow FX at Standard Chartered and Lum Yin Fong, DBS’s global head of client management and implementation, said on a call with Bloomberg on Thursday. Estimates on development costs aren’t available yet, they said.

In pursuing the technology that underpins cryptocurrencies, including bitcoin, Standard Chartered and DBS are developing a new approach that could improve the trade finance business by speeding up banking transactions, while cutting costs and boosting transparency. This is the world’s first application of distributed ledgers in trade finance, the banks said in an e-mailed statement also released Thursday.

Also Read

ESR-LOGOS secures $225m and JPY15.5b sustainability-linked term loans

Singapore leads SEA in FinTech funding

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit