As per the latest news, a Singapore trade data-sharing platform, supported by banks, commodity houses, and state organizations, has enrolled 70 participants as part of the city-state’s endeavors to support certainty after a series of commodity trade finance frauds in recent years.
The Singapore Trade Data Exchange (SGTraDex), which was established by bank DBS (DBSM.SI), commodity trader Trafigura and local technology controller, Infocomm Media Development Authority, was introduced on Wednesday, following the strategies put in place last year.
“We are attempting to replicate what’s taking place in the real world,” said Antoine Cadoux, chief executive of SGTraDex Services. “The agenda is to adopt paperless technology across the end-to-end process.”
“We suppose that with the value we are capable of demonstrating, we can touch that scale relatively faster,” according to Cadoux, a former consultant.
