Singapore's new trade data sharing platform seeks to stem fraud & More News Here

Office employees go for lunch on the central enterprise district on the primary day freed from coronavirus illness (COVID-19) restrictions in Singapore, April 26, 2022. REUTERS/Edgar Su/File Photo

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

The Singapore Trade Data Exchange (SGTraDex), whose founders embrace financial institution DBS (DBSM.SI), commodity dealer Trafigura and the native tech regulator, Infocomm Media Development Authority, was launched on Wednesday after plans had been introduced final yr.

“We’re trying to replicate what’s happening in the physical world,” Antoine Cadoux, chief government of SGTraDex Services, advised 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 marketing consultant.

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 one in every 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 individuals embrace 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 in the ecosystem,” Cadoux stated.

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

The backers hope options corresponding to flexibility on data sharing and its neutrality will draw in additional individuals.

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

Reporting by Anshuman Daga and Jeslyn Lerh; Editing by Edmund Blair

Our Standards: The Thomson Reuters Trust Principles.

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