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DBS Bank Partners with Singapore Government to Launch Blockchain Trade Platform

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Asian banking giant DBS and multinational commodity trading firm Trafigura Group are tapping blockchain to facilitate global trade.

Alongside the Singapore government and the International Chamber of Commerce, these firms are looking to reduce the number of paper-based processes involved in global trade. Distributed ledger technology firm Perlin is providing the blockchain background to build the open-source platform, dubbed ICC TradeFlow.

DBS claims the new platform will connect partners from different countries, reducing end-to-end document transit time from 45 days to just 20. A $20 million trade in iron ore from Africa to China is expected to be the first transaction processed, according to a press release.

The ICC TradeFlow Platform is based on the Trade Trust network infrastructure provided by the Infocomm Media Development Authority (IMDA), which is a statutory board under the Singapore Ministry of Communications and Information.

The partners plan to add more enhancements to the platform as more countries join the new trade finance system. According to the release, the participants claim they can build a more trusted relationship between counterparties, adding more background information such as credit ratings on trade participants, vessels and couriers.

The partnership could foster new innovations that can reinforce Singapore’s position as a leading commodity trading hub, said Satvinder Singh, assistant CEO of Enterprise Singapore, an agency under the Ministry of Trade and Industry in the country.

Trade finance has been one of the frontiers for enterprise blockchain adoption. The trade finance blockchain Marco Polo has partnered with over 20 global banks, including Bank of America, ING and BNP Paribas. It has piloted its first trading arrangement between Germany and Russia in October.

A slew of Chinese state-owned banks have also launched their own blockchain trade finance platform to facilitate short-term financing between export companies and financial institutions, and the Construction Bank, one of four major commercial banks in the country, has revamped its blockchain platform with new factoring abilities as the platform’s trading volume surpasses $53 billion overall since its April 2018 launch.

Trafigura itself has been involved in the blockchain space since 2017, when it participated in the development of a crude oil trade finance platform alongside IBM, Natixis and Hyperledger.

Source.coindesk

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Blockchain

China, not the only nation working on blockchain: Swiss State Secy

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Like it was with Libra until a few months ago, China’s announcement of embracing blockchain caused a similar tension in not just the ecosystem but across countries as well. As the country announces development on the blockchain front on a daily basis, Daniela Stoffel, the Swiss state secretary for international finance, commented on the recent hot-topic.

Stoffel, in an interview said:

“First of all, it is absolutely no surprise and China is not the only nation, working at it. Blockchain is a technology that will give us so many opportunities, why not a currency? or why not more currencies, such as the one we have all been talking in the past.”

However, despite many countries having announced adoption of blockchain and some even introducing their own digital currency, the real challenge of regulations and the regulatory concerns a digital asset will pose, have not been addressed explicitly. China has scheduled the launch of its digital currency in 2020 and the Governments around the world might have to take a step forward to make a decision, according to Stoffel.

She added:

“Other Governments now realize that this now actually really happening and that the questions and challenges that are implied in an e-currency, are now real and I hope this will lend further momentum to decisions on a global basis.”

The state secretary stated that Switzerland was not far behind in the blockchain race, as the country is equipped with a legal framework and it will pass the parliament next year. The Swiss stock exchange has been working along with the central bank on furthering options with regard to the use of blockchain.

However, the challenges with blockchain remained and according to Stoffel:

“We have to be absolutely crystal clear that all money laundering questions are addressed, which they are in Switzerland. Our supervisor agency does its homework and it has also lent a helping hand to all the startups that are in this field, to help them and tell them exactly what is needed and what is possible and what is not possible.”

Source:ambcrypto

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China planning to spend $2 billion on Blockchain Technology Development by 2023

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Blockchain Technology is slowly taking over the world as it is spreading at a faster rate than ever. Governments from various countries have started accepting the technology with open arms. China has decided to accept and fast-track the research on blockchain technology as they plan to spend about $2 billion on it. It is expected that this expenditure for blockchain development will help the country to witness a growth rate of 65.7% from 2018-2023.

The significant amount of spending done in the country was in the development of banking and payment technologies, with other industries just tailing the market. This additional spending in various industries would ensure innovation in the direction of blockchain technology.

China and world shifting towards blockchain technology

This shift took place when China’s President, Xi Jinping, announced that he wishes China to be the leader of the blockchain development and be on the top in the world. This acceptance and support from the President have boosted the blockchain development process in the masses.

Hong Kong has approved licenses for new cryptocurrency exchanges, whereas in other parts of the world are also noticing changes in their financial system. Tunisia has turned out to be the first bank to launch its own central bank digital currency. Singapore is adding blockchain projects for its future programs.

On the other hand, the developing giant United States is facing a hard time to implement proper regulatory policies, and we can expect to learn a thing or two from China and how they manage the blockchain technology.

Crypto acceptance by China

Recently, China has eased up on the regulations and bans as they lifted the crypto mining ban allowing the miners to begin crypto mining again. Beijing removed the anti cryptocurrency rule, which was implemented in April.

Disclaimer: Coinnounce’s views are not necessarily reflected in the articles published, and they are the sole representation of the author’s opinions. Article’s information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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Blockchain

China, not the only nation working on blockchain: Swiss State Secy

Published

on

Like it was with Libra until a few months ago, China’s announcement of embracing blockchain caused a similar tension in not just the ecosystem but across countries as well. As the country announces development on the blockchain front on a daily basis, Daniela Stoffel, the Swiss state secretary for international finance, commented on the recent hot-topic.

Stoffel, in an interview said:

“First of all, it is absolutely no surprise and China is not the only nation, working at it. Blockchain is a technology that will give us so many opportunities, why not a currency? or why not more currencies, such as the one we have all been talking in the past.”

However, despite many countries having announced adoption of blockchain and some even introducing their own digital currency, the real challenge of regulations and the regulatory concerns a digital asset will pose, have not been addressed explicitly. China has scheduled the launch of its digital currency in 2020 and the Governments around the world might have to take a step forward to make a decision, according to Stoffel.

She added:

“Other Governments now realize that this now actually really happening and that the questions and challenges that are implied in an e-currency, are now real and I hope this will lend further momentum to decisions on a global basis.”

The state secretary stated that Switzerland was not far behind in the blockchain race, as the country is equipped with a legal framework and it will pass the parliament next year. The Swiss stock exchange has been working along with the central bank on furthering options with regard to the use of blockchain.

However, the challenges with blockchain remained and according to Stoffel:

“We have to be absolutely crystal clear that all money laundering questions are addressed, which they are in Switzerland. Our supervisor agency does its homework and it has also lent a helping hand to all the startups that are in this field, to help them and tell them exactly what is needed and what is possible and what is not possible.”

Source: ambcrypto

Continue Reading
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