Banks In Singapore Team Up To Develop Digital Trade Registry

SINGAPORE: DBS Group and Standard Chartered 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.