Banks in Singapore tie up for digital trade finance registry to mitigate fraud

It will provide a secure central database of trade transactions financed here

Wed, Oct 07, 2020 - 5:50 AM

Rachel Muirachmui@sph.com.sg@RachelMuiBT

DBS' Sriram Muthukrishnan notes that the TFR marks an important step towards fostering greater transparency in Singapore's banking sector.

PHOTO: DBS

Singapore

LED by local lender DBS and Standard Chartered, banks in Singapore are creating a digital trade finance registry (TFR), in a bid to mitigate fraud and boost transparency in commodity trade finance.

This comes as a slump in oil prices earlier this year blindsided the oil...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes

Banks in Singapore tie up for digital trade finance registry to mitigate fraud

Hong Kong: Stocks drop at opening bell

Singapore shares fall at Wednesday's open tracking Wall Street retreat; STI down 0.4%

Centurion prices S$9.8m notes due 2024

Malaysia: Shares open lower on Wednesday

Terence Loh quits BN Group amid police probe into Novena Global Healthcare

No overseas December holidays this year as borders stay mostly shut: Ong Ye Kung

Retrenchments hit 4.9 per 1,000 local employees in H1

Singapore plans Air Travel Bubbles for general travellers to revive Changi air hub

Standard testing protocols the way to open borders: Airbus Asia-Pac chief

Broker's take: DBS says 'relook 2020 winners', reduce exposure to supermarkets, glove makers

Banks in Singapore tie up for digital trade finance registry to mitigate fraud

To continue reading

RECOMMENDED FOR YOU