DBS Bank Partners with Singapore Government
DBS Banking has partnered with the Singapore Government, the International Chamber of Commerce, Perlin Trading and the Trafigura Group in hopes to provide global trading. The rush to prioritize on global trading by the Singapore Government and DBS Banking is in efforts to reduce paper-based systems. The Perlin Firm is providing a blockchain open-source platform named ICC TradeFlow. This new platform claims to provide partners, traders and investors with multiple countries. Global trades will reduce from 45 Days to 20 Days, with the first transaction expected to be made between Africa and China for $20 Million. If this level of global trade is accomplished, markets could shift and expand at considerably faster rates.
The ICC TradeFlow Open-Source Platform from the Perlin Firm has ties with the Singapore Government. Its initial development is based on the Infocom Media Development Authorities “Trade Trust Network Infrastructure”. The IMDA works with the Singapore Ministry of Communication Information as a statutory board. Subsequently, this infrastructure can work efficiently with DBS Banking’s and Trafigura’s services. It’s anticipated that throughout the first five years on this upcoming service, multiple enhancements will be made to increase its global structure. DBS Bank states that this will create more trusted relationships financially amongst worldwide nations.
The Competitors
Innovations in the worldwide financial market from this partnership would enable Singapore to remain as an active trading hub. One of the frontiers that assisted the growth of blockchain has been firms that are willing to push the extent of what’s possible with cryptocurrency. One such instance is the Marco Polo Blockchain Firm. They have partnered with twenty global banks to provide blockchain services on a worldwide scale. These banking institutions include the Bank of America, BNP Paribas and ING.
Multiple Chinese-Owned Banks are also creating and launching blockchain finance platforms that operate short or long-term trades between banking institutions and export companies. An example of this would be The Construction Bank, who revamped their entire platform to account for blockchain. It’s anticipated that they’ve traded more than $53 Billion since launching in August 2018. Construction Bank is one of the four largest commercial banks in China.
Trafigura is the only trading firm connected to DBS Bank that already has its universal blockchain products. They have previously assisted in the creation of a trading platform for IBM, Hyperledger and Natixis.