Singapore's DBS Bank and Standard Chartered Bank jointly develop blockchain applications

     Singapore has long been a leader in advanced technology in the financial innovation sector, and the country has recently proven this again. According to reports, Singapore is currently developing an application based on blockchain network technology for the banking and financial sectors.

     This work is still in the proof-of-concept stage, and Singapore's DBS Bank and Standard Chartered Bank will work together to develop this basic application based on blockchain technology. In the future, the application will be used to improve the security and convenience of invoice financing for trading companies and banks.

     Invoice financing is currently a means for companies in many countries around the world to improve cash flow. Usually, companies pledge their assets to banks and financial institutions and distribute invoices to customers. The new application will allow banks to upload electronic invoices to the blockchain network, and users can view the transaction status of all participating banks through the blockchain.

     Using blockchain distributed ledger solutions will help companies and banks to facilitate business processes as quickly as possible while maintaining confidentiality. Invoice information uploaded to the blockchain can avoid duplication, and in addition, the application will reduce payment time and improve settlement efficiency.

     The Singapore Development Authority and many well-known banks have joined forces to develop blockchain technology applications that will greatly improve the security of trade finance calculations. Although the application is still in the conceptual stage and its current scope of application is very limited, it is definitely a powerful demonstration of Singapore's leading a new round of financial revolution. Singapore is indeed a smart country.