Singapore banks to launch trade finance registry after oil traders’ defaults

Singaporean financial services provider DBS and banker Standard Chartered will work together with 12 other banks to develop a proof-of-concept for a digital trade finance registry, the Asian company said in a press release last week.

According to the statement, the 12 other banks are ABN Amro, ANZ, CIMB, Deutsche Bank, ICICI, Lloyds, Maybank, Natixis, OCBC, Rabobank, SMBC and UOB.
The proposed trade finance registry (TFR) would serve as a secure central database for the banking industry to access records of trade transactions financed across banks in Singapore, according to the press release.

This would prevent duplicate financing from different banks for the same inventory, which in turn...

Published

Karen Ng

October 14, 2020

14:10 GMT

Singapore