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DBS Bank, Trafigura, Perlin partner with Singapore Govt to launch open-sourced blockchain trade platform

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Tan Su Shan, Head of Institutional Banking, DBS Bank

Tan Su Shan, Head of Institutional Banking, DBS Bank

Singapore’s DBS Bank and Trafigura, in collaboration with Infocomm Media Development Authority (IMDA), the International Chamber of Commerce (ICC), Enterprise Singapore and tradetech Perlin, have come together to develop an open-sourced blockchain trade platform.

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

Built on IMDA’s TradeTrust network infrastructure and powered by Perlin’s blockchain technology, the platform is designed to be interoperable with existing and future digital trade platforms. This approach will enable companies based in digital harbours like Singapore to continue seamlessly trading with countries governed by traditional paper-based systems, the companies said in a statement.

All parties on the open-sourced blockchain platform will be able to send, receive and act upon trade instructions in real-time, reducing the end-to-end trade document transit time by more than half from 45 to 20 days.

“… 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. Solutions like these are timely as they meet our customers’ demands for increased transaction speed and optimised financing to promote better cash flow and capital management,” said Tan Su Shan, Head of Institutional Banking, DBS Bank.

The partners will continue iterating and improving the ICC TradeFlow platform, with a vision for global adoption, they added. They have plans for further enhancements to the platform, which include offering trade finance on-the-go, as well as providing background information and credit ratings on trade participants, vessels and couriers.

“…With IMDA’s help and working with Trafigura and DBS, the ICC TradeFlow platform is uniquely placed to help gather the critical mass needed for a truly international and industry-wide shift from analog trade systems to digital ones. The technological, economic and governance-based precedents and standards set in Singapore will support adoption in other countries and ultimately greater growth in trade on a global scale,” said John W.H. Denton AO, Secretary General of the ICC.

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