CIMB Singapore Announces 1st Blockchain-based Trade Finance Transaction

Asia Blockchain Review
October 28, 2019

The Singaporean branch of CIMB, one of the largest Asian investment banks, has completed a blockchain-based trade financing transaction on iTrust’s IoT, believed to help minimize the risks in commodity trade financing. 

According to Yahoo Singapore, the CIMB branch says the system will also facilitate lending to the bank’s customers, with real-time monitoring of the cargo data.

Blockchain Mitigates Trade Finance Risks

The blockchain-based IoT system reportedly secures access to and the integrity of digital documents stored on a distributed ledger.

CEO of CIMB Singapore Mak Lye Mun said that with the blockchain-powered platform, the bank can provide trade finance services more efficiently and at reduced cost. It can also mitigate the risk of fraud by reporting any suspicious movement of the financed cargo.

The bank plans to expand its collaboration with iTrust, a local trade financing company, to develop digital applications in other markets.

iTrust utilizes blockchain, IoT, and smart contract technologies to manage risks and improve supply chain visibility, allowing both lenders and borrowers to assess and mitigate risks efficiently. 

The company has positioned itself as a technology facilitator, with the goal to open up new opportunities in the trade financing market.

Blockchain Adoption By CIMB

Located in 16 countries worldwide with 36,000 employees, CIMB is the 5th largest banking group in Southeast Asia and one of the biggest Islamic banks in the world. The bank’s market capitalization is worth around US$48 billion.

SpeedSend, a remittance service of CIMB Group Holdings, is powered by Ripple’s XCurrent product, following an agreement by CIMB Group Holdings to join Ripple’s cross-border payments network.

Source: cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Vietnam to Adopt Blockchain for Smart City Project
Vietnam’s Ho Chi Minh City has disclosed its plan to adopt blockchain technology and artificial inte...

November 21, 2019

UPS Tracks Beef Shipment with Blockchain
International logistics provider UPS announced that it has shipped beef from the US to Japan, tracke...

November 21, 2019

Ant Financial Introduces Blockchain Open Alliance
Ant Financial, owner of Alipay, has introduced the Ant Blockchain Open Alliance aimed at lowering th...

November 20, 2019

Vietnam Plans to Build Smart City with Blockchain
Vietnam has announced a plan to build a smart city and tackle pressing problems in Ho Chi Minh City ...

November 20, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us