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StanChart, DBS Work on Distributed Ledger for Trade Finance

  • Banks have tested technology, will invite companies to join
  • Distributed ledgers underpin digital currency transactions
Photographer: Hidehiro Kigawa/Getty Images/Flickr RF
Updated on

Standard Chartered Plc is working with DBS Group Holdings Ltd. on developing distributed ledger technology for trade finance in Singapore, in a bid to make such transactions simpler and more transparent.

The banks have successfully tested the technology with each other, and will invite other companies into the system next year, Shirish Wadivkar, head of payables, receivables & flow FX at Standard Chartered and Lum Yin Fong, DBS’s global head of client management and implementation, said on a call with Bloomberg on Thursday. Estimates on development costs aren’t available yet, they said.