DBS, StanChart lead banking group to develop digital trade finance registry

© Reuters. People walk outside the main branch of Standard Chartered in Hong Kong

SINGAPORE (Reuters) – DBS Group Ltd (SI:) and Standard Chartered (L:) are leading a group of 12 other banks in Singapore to create and conduct a digital trade finance registry, to mitigate the risk of trade fraud, the two banks said in a statement on Tuesday.

The move by commodity trade financiers in Singapore to team up to improve industry transparency comes after a spate of defaults in the city-state this year.

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