ABS Rolls Out Trade Finance Registry to Eliminate Duplicate Transactionsby Fintech News Singapore June 26, 2023
The Association of Banks in Singapore (ABS) has launched the Trade Finance Registry (TFR) to ensure there will be no duplication of trade financing transactions, according to a report by The Edge Singapore.
Chaired by UOB, the TFR is supported by DBS Bank, OCBC, Citibank, BNP Paribas, and Standard Chartered Bank. Other participating banks include Bank of China (Singapore), CIMB Bank Berhad, Deutsche Bank, ING Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation (SMBC), and State Bank of India among others.
These banks will register new trade financing transactions on TFR and there will be real-time notifications if there’s a duplicate of the transaction.
To address privacy concerns, banks will only supply information on corporate customers to the TFR which will then be encrypted so that other underlying data fields are not revealed to other participating banks in case a duplicate trade is identified.
Ong Ai Boon, Director of the ABS said,
“The launch of TFR is a testament to the collaborative spirit and collective focus of the banking industry to address issues of national importance.
ABS is pleased that in bringing the industry together, we have created a utility that will bolster the confidence of all stakeholders in undertaking trade finance in Singapore.”