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Global Banks Conclude Financial Transfer With Blockchain -Breaking

by Mike Robinson

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Blockchain enabled financial transfers by banks around the world
  • The IMDA TradeTrust blockchain assists banks with cross-border transfers.
  • IMDA has partnered with many famous banks around the globe.

Both governments and private companies around the world are continuing to acknowledge crypto. This time, banks from different countries have successfully made the world’s first digital cross-border trade financing using blockchain technology.

In detail, Singapore’s Infocomm Media Development Authority (IMDA), the Monetary Authority of Singapore (MAS), and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), in collaboration with commercial partners DBS Bank, Emirates NBD and Standard Chartered (OTC:) has created a new record when it successfully transferred electronic records from one border to another.

Without the blockchain-enabled IMDA TradeTrust platform, this event wouldn’t have been possible.

Lew Chuen Hong, Chief Executive, IMDA TradeTrust, explained:

This pilot shows how TradeTrust Digital Utility facilitates the digitization of trade finance. This has been complemented by legal certainty for electronic transferable records, such as eBLs via the MLETR. TradeTrust provides digital security for businesses big and small, allowing them to digitally authenticate trade documentation. This allows them to transact easily in the digital economic system.

Today, cross-border trades continue to grow in volume. This added security layer is provided by these banks. Investors can therefore transfer financial assets seamlessly and safely anywhere they wish.

IMDA Trade Trust provides financial security in crypto. Many potential crypto projects offer financial security. Through this, we can say that the crypto space is now one step closer to dominating the world’s financial industry.

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