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CIMB Bank Singapore completes first trade financing transaction with Blockchain and IoT – Blockchain News

CIMB Bank in Singapore carried out its first trade finance transaction with Blockchain and internet of things (IoT) platform,
CIMB Bank in Singapore carried out its first trade finance transaction with Blockchain and internet of things (IoT) platform, provided by iTrust.

The Singapore branch of CIMB Bank has victoriously achieved its first trade finance transaction on Blockchain and IoT platform produced by iTrust. The trade involved the financing of dairy products imported to China. The bank is expected to generate transaction flows of up to $100 million.

According to iTrust, the Blockchain technology was adopted to store the data and documents from the transaction securely. Mak Lye Mun, CEO of CIMB Bank Berhad Singapore, said, “Given the rapid technology shifts in the market today, we will continue to focus on digitalization and customer experience to transform the way we finance our corporate customers, thus adding value to our services,” and added, “This blockchain trade financing with iTrust will present an opportunity for CIMB Singapore to support our customers more efficiently and cost-effectively. It mitigates fraud risk and alerts us of any unauthorized movement of the financed cargo.”

Lim Chee Kean, the CEO, and co-founder of iTrust, stated how digitalization is constantly transforming financing. He said, “We believe that the day will come whereby all lenders and borrowers would demand to have a secured real-time view of their cargo under financing on a secure and immutable blockchain platform.”

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