Singapore’s fintech firms raised more venture capital in the first nine months of 2019 than in all of 2018. No wonder, then, that senior banking figures are flocking towards tech firms.
Trade finance, essentially, is the bridge between an exporter’s shipment of goods and the importer’s payment against it. Bankers on either side work on the documents and/or finance the transaction on an interim basis. Since a bulk of trade finance transactions are cross-border, information – such as real-time shipping data and credit history – is limited.
Today, development finance institution Eastern and Southern Trade and Development Bank (TDB) said it carried out a blockchain trade finance transaction on dltledgers platform along with Singapore’s Agrocorp. The transaction involved a $22 million white cane sugar trade from Asia to Africa. For dltledgers this represented another milestone after it passed the $1 billion mark in transactions using its platform several months bank. The startup says its the first trade on its platform for Africa and the largest single transaction.
IFFCO Singapore Pte Ltd (ISPL), regional arm of the IFFCO Group based in UAE has announced the launch of its new and innovative enterprise grade blockchain platform in collaboration with #dltledgers, an award winning blockchain platform developer based in Singapore. ISPL reported the completion of its first live end-to-end trade in blockchain, moving cross border goods on Palm Oil and its extracts, which is USD100Mn worth of business annually for IFFCO Group from Malaysia/Indonesia to the Middle east.
The dltledgers platform for commodity trade finance has expanded its reach to the Middle East, with Abu Dhabi Commercial Bank (ADCB) having financed its first transaction using the blockchain-based solution.
The UAE’s Abu Dhabi Commercial Bank (ADCB) has digitised trade finance for its customers using the Singapore-based dltledgers Blockchain platform. ADCB today reported completion of its first live end-to-end trade in Blockchain, moving cross border goods for Western Red Spring Canadian Wheat worth USD 6.5m (AED 25m), from Canada to Bangladesh. ADCB is the first bank in UAE to run the end-to-end Blockchain trade finance transaction with full document automation through the dltledgers platform, offering corporate customers efficiencies and faster access to cash.
Yesterday Singapore based dltledgers announced that in the last 18 months it has processed more than $1 billion in trade finance on its blockchain trade platform. The company wants to “uberize” the trade finance model. It also recently secured a $2.5 million pre-Series A financing from Walden International.
Singapore-based blockchain platform dltledgers will soon expand to Japan, Australia and Dubai, as well as launch two new features that will make it easier and cheaper for commodity traders to access finance for their transactions.
Standard Chartered’s Singapore unit has pulled off its first cross-border trade finance transaction on a blockchain-based platform, after previous initiatives by other arms of the global lender. StanChart tapped startup Distributed Ledger Technologies’ platform to complete an agri-business supply chain deal in one day, instead of the normal five to seven, the bank announced on Thursday.