• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Fintech

DBS and Trafigura start Singapore blockchain trade platform

DBS and Trafigura start Singapore blockchain trade platform
  • Pedro Gonçalves
  • @PeterHSG
  • 06 November 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Southeast Asia's largest bank DBS and Swiss commodities trader Trafigura have come together to develop an open-sourced blockchain trade platform in Singapore.

The platform dubbed as ICC TradeFlow platform will connect trade partners across borders and streamline manual paper-based trade processes to improve trade flows.

Related articles

  • Manulife cuts distribution deal with DBS
  • DBS launches wealth chat service using WhatsApp and WeChat
  • Singapore’s DBS chief backs London as it opens new HNW office
  • People Moves: Nucleus, FundRock, AMP, Sackers, Butterfield, Schroders, Credit Suisse

Infocomm Media Development Authority (IMDA), the International Chamber of Commerce (ICC), Enterprise Singapore and tradetech Perlin are also partners.

By tapping into each other’s respective expertise in commodities and finance, our customers will be able to receive their goods at least 50% faster with much less paperwork"

The announcement said the blockchain platform could potentially reduce end-to-end document transit time to 20 days from 45 days.

The platform is built using IMDA's TradeTrust interoperability framework and leverages Perlin's blockchain technology. With the focus on interoperability, Trafigura said the platform could communicate with existing and future digital trade platforms. Later this month there will be a pilot for $20m worth iron ore to be shipped from Africa to China.

"By tapping into each other's respective expertise in commodities and finance, our customers will be able to receive their goods at least 50% faster with much less paperwork," said Tan Su Shan, head of Institutional Banking, DBS Bank.

More enhancements will be made to the platform including trade finance on-the-go, providing background information and credit ratings on trade participants, vessels and couriers to build trust among counterparties, DBS said.

DBS is no stranger to blockchain. Last year it teamed up with Agrocorp, the agriculture commodity company, to build ablockchain platform that will connect 4,500 Australian farmers with restaurants, customers, and supermarkets.

 

Subscribe to International Investment's free, twice-daily, newsletter

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Fintech
  • DBS
  • Trafigura
  • Singapore
  • Southeast Asia
  • ICC
  • Blockchain

More on Fintech

Digital switch must accelerate to meet demand: iPensions Group

  • Fintech
  • 15 January 2021
TORA partners with Japanese AM firm Revolution

  • Fintech
  • 14 January 2021
Bahamas passes digital assets legislation for 'compliant industry'

  • Fintech
  • 15 December 2020
Banca Generali buys stake in Conio cryptocurrency services provider

  • Fintech
  • 15 December 2020
DIFC grants Ebury financial services licence in fintech first

  • Fintech
  • 09 December 2020
Back to Top

Most read

FCA issues warning on cyrptocurrencies as Bitcoin volatility continues
FCA issues warning on cyrptocurrencies as Bitcoin volatility continues
SharingAlpha's 2020 top rated funds by category revealed
SharingAlpha's 2020 top rated funds by category revealed
DeVere launches equity fund with Columbia Threadneedle Investments
DeVere launches equity fund with Columbia Threadneedle Investments
Guardian WM is reborn as Skybound WM
Guardian WM is reborn as Skybound WM
HNWIs in SE Asia cite lack of financial knowledge as greatest concern: report
HNWIs in SE Asia cite lack of financial knowledge as greatest concern: report
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading