DBS, a leading Asian financial services group headquartered in Singapore, has partnered Standard Chartered to proceed with their work on developing use cases of blockchain technology for trade finance.

The companies’ high representatives have confirmed to Bloomberg that they are finished with their tests and look forward to starting collaboration with other companies next year.

According to the Straits Times, the companies seek to come up with new solutions to bolster trade finance in Asia, where commodity prices have gone down recently. The reduction of the transaction costs offered by blockchain technology can thus be greatly beneficial for the wellbeing of the sector.

DBS Bank Group holds itself out as a valuable Asian counterpart for those who want to “capture opportunities across the region.” It also supports Startupbootcamp FinTech Singapore accelerator, which underpins some blockchain initiatives.

Standard Chartered is a London-based multinational banking and financial services company which has already expressed its interest in the “avalanche of digital innovations”, including blockchain technology.

Proclaiming their commitment to the development of blockchain, the companies have joined a larger pool of financial institutions working on implementation of the technology worldwide, including UBS and RBS. Russia's Sberbank has been among the most recent ones to endorse to the trend.


Maria Rudina