A group of European and Asian banks plans to set up a blockchain-based trade fnance database in Singapore, to prevent the kind of inventory fraud exposed by the collapse of several oil trading companies earlier this year. The government-backed Trade Finance Registry (TFR), which is still at the proof-of-concept stage, will allow participants to have access to records of com- modity trade transactions fnanced by banks in Singapore. The project is led by Singapore’s DBS and the UK’s Standard Chartered and includes 12 other banks, including Germany’s Deutsche Bank, Dutch bank ABN Amro and France’s Natixis.
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