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PR Newswire
23-05-2016, 11:37 AM
Blockchain is likely the fintech, to get mass deployment...
Fraud in US$4 tril trade finance turns banks to digital ledger
SINGAPORE (May 23): The risk posed by fraud in the US$4 trillion ($5.5 trillion) trade-financing industry has prompted banks to start exploring distributed-ledger technology like the one that underpins bitcoin.
Standard Chartered Plc, which lost almost US$200 million from a fraud at China's Qingdao port two years ago, has teamed up with DBS Group Holdings to develop an electronic ledger of invoices that uses a parallel platform to the blockchain employed in bitcoin transactions.
Lenders such as Bank of America Corp and HSBC Holdings Plc say they're looking at blockchain for trade finance and other banking applications.
Blockchain proponents argue that the technology will change the face of banking, helping lenders cut billions of dollars in costs. Trade financing, a centuries-old banking mainstay, may become ground zero for blockchain adoption because it promises to do away with paper invoices and the fraud that accompanies them - if banks can come together around a joint platform.
For blockchain applications, "invoices should be considered a leading candidate here, given the high potential for fraud," said Henry Balani, global head of strategic affairs at Accuity, which provides technology to monitor trade-based money laundering.
Lenders typically don't publish their losses from trade fraud, though almost 20% of banks in a 2015 survey by the International Chamber of Commerce reported an increase in fraud allegations.
...
http://www.theedgemarkets.com/sg/article...tal-ledger
Fraud in US$4 tril trade finance turns banks to digital ledger
SINGAPORE (May 23): The risk posed by fraud in the US$4 trillion ($5.5 trillion) trade-financing industry has prompted banks to start exploring distributed-ledger technology like the one that underpins bitcoin.
Standard Chartered Plc, which lost almost US$200 million from a fraud at China's Qingdao port two years ago, has teamed up with DBS Group Holdings to develop an electronic ledger of invoices that uses a parallel platform to the blockchain employed in bitcoin transactions.
Lenders such as Bank of America Corp and HSBC Holdings Plc say they're looking at blockchain for trade finance and other banking applications.
Blockchain proponents argue that the technology will change the face of banking, helping lenders cut billions of dollars in costs. Trade financing, a centuries-old banking mainstay, may become ground zero for blockchain adoption because it promises to do away with paper invoices and the fraud that accompanies them - if banks can come together around a joint platform.
For blockchain applications, "invoices should be considered a leading candidate here, given the high potential for fraud," said Henry Balani, global head of strategic affairs at Accuity, which provides technology to monitor trade-based money laundering.
Lenders typically don't publish their losses from trade fraud, though almost 20% of banks in a 2015 survey by the International Chamber of Commerce reported an increase in fraud allegations.
...
http://www.theedgemarkets.com/sg/article...tal-ledger
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