A source told UNLOCK that DBS Bank, Trafigura, Infocomm Media Development Authority (IMDA), the International Chamber of Commerce (ICC), Enterprise Singapore and tradetech Perlin have all joined hands to launch an open-sourced blockchain trade platform (ICC TradeFlow platform) to connect trade partners and reduce paper-based processes to enhance efficiency.
The platform is meant to be interoperable with all digital trade platforms. The blockchain platform will enable to execute trade transactions in real-time, cutting time and monetary losses.
Tan Su Shan, Head of Institutional Banking, DBS Bank, said, “DBS is pleased to lead the industry and work with global industry anchors such as Trafigura to co-create digital solutions to make the age-old business of trade finance more efficient, transparent and productive. 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.”
Tan Chin Hwee, Trafigura’s Asia-Pacific Chief Executive Officer, said, “This is a Singaporean take on how to successfully adopt global trade finance technology under the leadership of governmental stakeholders. ICC TradeFlow, a distributed ledger system, is the first to be powered by the TradeTrust network. We would particularly like to thank IMDA, Enterprise Singapore, DBS and Standard Chartered for their support and leadership on this initiative.”
More improvements will be made on the platform and this includes trading on the go, providing ratings for participants and making the process more seamless.
John W.H. Denton AO, Secretary General of the ICC, said, “ICC TradeFlow is a transformative enterprise tool developed by our partner Perlin that we will champion for adoption internationally. 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.”
Dorjee Sun, Chief Executive Officer of Perlin, said, “We are certain that blockchain will help drive the digitalisation of trade and transfer of title electronically. This will revolutionise trade, commodities and related finance and Singapore is at the forefront. We built ICC TradeFlow as the first working enterprise tool powered by TradeTrust with the vital help of our partners such as DBS and Trafigura, and are excited to work with the ICC for global adoption.”
Mr Satvinder Singh, Assistant Chief Executive Officer of Enterprise Singapore, said, “Home to a strong pool of international trading companies, Singapore is well-positioned to connect the industry players to innovations that can boost the overall efficiency of trade. Enterprise Singapore has been supportive of efforts in this aspect – from working with Perlin and ICC to establish the regional Centre of Future Trade in Singapore, to connecting them to partners such as DBS, Trafigura and IMDA to trial the use of blockchain for trade documentation. This partnership is a good start and we hope that it will encourage the business community to develop and pioneer new innovations that can reinforce Singapore’s position as a leading commodity trading hub.”