Singapore Launches Trade Data Platform to Stem Fraud & More News Here

By Anshuman Daga and Jeslyn Lerh

SINGAPORE, June 1 (Reuters) – A Singapore commerce knowledge sharing platform backed by banks, commodity homes and state companies has signed up 70 contributors as a part of the city-state’s makes an attempt to bolster confidence after a spate of commodity commerce finance frauds lately.

The Singapore Trade Data Exchange (SGTraDex), whose founders embody banks DBS and Standard Chartered, commodity dealer Trafigura and the native tech regulator, Infocomm Media Development Authority, was launched on Wednesday after plans have been introduced final 12 months.

“We’re trying to replicate what’s happening in the physical world,” Antoine Cadoux, chief govt of SGTraDex Services, instructed Reuters. “The goal is to go paperless across the end-to-end process.”

“We think that with the value we are able to demonstrate, we can achieve scale relatively quickly,” stated Cadoux, a former advisor.

Singapore, one of many world’s greatest commodity buying and selling and financing hubs and the biggest bunkering hub, goals to tighten oversight after current company scandals, such because the collapse of considered one of Asia’s largest oil merchants Hin Leong Trading Pte Ltd.

Winding up Hin Leong and different commodity merchants left many banks saddled with billions of {dollars} in debt and compelled lenders to reduce publicity to commodity financing.

The platform’s contributors embody bunker suppliers, cargo merchants, oil terminals, merchants,delivery carriers, the Singapore port operator and others.

“We want to create resilience and transparency in the supply chain. It’s going to definitely mitigate the risk of fraud,” Cadoux stated.

The platform, which can initially be used for optimising bunkering, container logistics and commerce finance fraud detection, was anticipated to unlock greater than $100 million of worth by 2026 for contributors from effectivity and value financial savings, higher use of property and quicker entry to financing, SGTraDex stated.

The backers hope options comparable to flexibility on knowledge sharing and its neutrality will draw in additional contributors.

Bank UOB, one of many founders of SGTraDex, stated it goals to convey all its bunker finance shoppers onto the platform by June 2023.

“Digitalisation is important in creating more transparency in the bunkering industry,” Eric Lian, head of group business banking at UOB, which stated it was the biggest financier of native bunker suppliers, stated in a press release.

In bunkering, the platform permits storage facility operators, banks and barge operators to go digital, aiming to enhance transparency in an trade that includes many middlemen and depends on big paperwork.

(Reporting by Anshuman Daga and Jeslyn Lerh; Editing by Edmund Blair and Hugh Lawson)

(c) Copyright Thomson Reuters 2022.

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