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Singapore-based DBS Bank and commodity trading company Trafigura are collaborating with Infocomm Media Development Authority (IMDA) to develop an open-sourced blockchain trade platform.
Called ICC TradeFlow, the platform aims to improve trade flows by connecting trade partners across borders and streamlining manual paper-based trade processes. The project also involves participation from the International Chamber of Commerce (ICC), Enterprise Singapore and tradetech Perlin.
“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 Su Shan, Head of Institutional Banking, DBS Bank, said.
According to a press release dated Nov. 06, the platform is built on IMDA’s TradeTrust network infrastructure and powered by Perlin’s blockchain technology. It has been designed to ensure interoperability with existing and future digital trade platforms.
“All parties on the blockchain platform are also able to send, receive and act upon trade instructions in real-time, cutting the end-to-end trade document transit time by more than half from 45 to 20 days,” it added.
A pilot trade of $20 million worth of iron ore will be shipped from Africa to China this month. Following the success of the initial pilot, the partnering organizations will continue iterating and improving the ICC TradeFlow platform with an aim to roll out the platform globally.
Going forward, further enhancements will be made to the platform, including offering trade finance on-the-go and providing background information and credit ratings on trade participants, vessels and couriers to build trust among counterparties.
