Post trade distributed ledger working group chartered
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A proof-of-concept platform for banks, buyers and sellers, and logistics companies demonstrated the application of DLT in digitising paper-intensive processes through prototype smart contracts.
Deloitte is consulting on it. A proof-of-concept platform for banks, buyers and sellers, and logistics companies demonstrated the application of DLT in digitising paper-intensive processes through prototype smart contracts for open trade financing. The use of DLT reduces the risk of fraudulent trade and duplicate financing, and improves the transparency of the transactions. The project also explored the operations, legal, cross-border regulatory, governance and data security implications of DLT.
The proof of concept result has shown the potential of using Distributed Ledger Technology for trade finance though there are still a number of matters such as legal, regulatory and governance issues which need further consideration. We will continue to work with the banking industry to explore the possibility to materialise the value proposition of this proof of concept work.
Driven by the ease of communication and the exchange of information between market participants over the Internet and market competition, trading has transitioned from being carried out on a documentary credit basis to open account terms. It means that a seller delivers the goods to a buyer directly before any payment is due, and without relying on documentary credit issued by a bank. This exposes banks to a heightened risk of fraud and money laundering as compared with documentary trade, due to the lack of third-party documentation and the low visibility of the transaction status.
Following a flurry of developments infinancial regulators in Singapore and Australia are racing to keep up with the rapidly evolving innovations. The Monetary Authority of Singapore concluded a proof-of-concept project to conduct domestic inter-bank payments using blockchain in March MAS has plans for two spin-off projects, the first driven by the Singapore Exchange SGXfocuses on making the fixed income securities trading and settlement cycle more efficient through DLT, while the second project focuses on new methods to conduct cross border payments using central bank digital currency.
China's central bank has warned the country's Bitcoin exchanges against margin trading and money laundering, while conducting trial runs of its prototype cryptocurrency. We release new articles daily on trending topics within technology and the public sector.
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