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BRIEF-DBS Says Co & StanChart Led Workgroup Of 12 Other Banks To Create A Digital Trade Finance Registry

Published 06/10/2020, 12:02 pm
Updated 06/10/2020, 12:06 pm
© Reuters.
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Oct 6 (Reuters) - DBS Group Holdings Ltd DBSM.SI :

* CO & STANDARD CHARTERED JOINTLY LED WORKGROUP OF 12 OTHER BANKS TO CREATE & CONDUCT DIGITAL TRADE FINANCE REGISTRY (TFR) POC

* TFR POC DEVELOPED TO ENHANCE LENDING PRACTICES & IMPROVE TRANSPARENCY IN COMMODITY TRADE

* TFR POC AIMS TO SERVE AS SECURE CENTRAL DATABASE FOR BANKING INDUSTRY TO ACCESS RECORDS OF TRADE TRANSACTIONS FINANCED ACROSS BANKS IN SINGAPORE

* GOING FORWARD, ASSOCIATION BANKS OF SINGAPORE WILL MANAGE TFR, SUPPORTED BY STANDING COMMITTEE REPRESENTED BY ABS COUNCIL MEMBER BANKS

* 12 OTHER BANKS INCLUDE ABN AMRO (AS:ABNd), ANZ, CIMB, DEUTSCHE BANK, ICICI, LLOYDS, MAYBANK, NATIXIS, OCBC, RABOBANK, SMBC AND UOB Further company coverage: DBSM.SI

(Reuters.Briefs@thomsonreuters.com)

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