Banks in Singapore tie up for digital trade finance registry to mitigate fraud

Singapore

LED by local lender DBS and Standard Chartered, banks in Singapore are creating a digital trade finance registry (TFR), in a bid to mitigate fraud and boost transparency in commodity trade finance.

This comes as a slump in oil prices earlier this year blindsided the oil and commodities trading industry, exposing the financial weakness and alleged irregularities of several traders in Singapore, including oil trading giant Hin Leong Trading.