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Singapore applies distributed ledger to invoice finance

Monday 28 December 2015 10:59 CET | News

The Infocomm Development Authority of Singapore (IDA), Standard Chartered Bank and DBS Bank, have developed the first distributed ledger-based application for invoice financing.

The new app allows banks to digitize the invoices and upload them on to a decentralised ledger as digital asset. It will help to avoid duplication of financing of the same invoice by different financial institutions.

The blockchain-based decentralised ledger will perform as a common data depository accessible for third parties to follow invoice payments and verify authenticity of financed documents. 

At the moment the new application exists in a proof-of-concept phase, but the developers have already announced that for the next stage they are considering to attract other industry shareholders – government institutions as well as other banks – to participate in the commercial advancement of the project.


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Keywords: IDA, Standard Chartered Bank, DBS Bank, digital invoice, blockchain, payments , trading
Categories: Banking & Fintech
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Countries: World
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Banking & Fintech






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