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StanChart’s Singapore Unit Completes First Blockchain-Powered Trade Finance Deal

The Singapore unit of London-headquartered multinational banking and financial services firm Standard Chartered has completed its first blockchain-powered trade finance deal. The news was reported by Singapore’s English-language financial daily The Business Times on Jan. 24.

The bank reported that the blockchain solution — developed by blockchain startup Distributed Ledger Technologies — had enabled an agri-business supply chain deal to be completed within just one day, instead of the typical five to seven days.

StanChart underscored today that the blockchain solution had streamlined the digitization and exchange of trade documents between parties in the supply chain network — providing not only more efficiency, but also increased security and transparency.

Using blockchain to digitize trade documents and automate multiple trade finance processes is widely expected to mitigate the risks of fraud in letters of credit (LoC) and other relevant documents in the industry.

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