Global Banks Conclude Financial Transfer With Blockchain

The crypto space continues to be recognized by governments and private sectors around the globe. 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 has created a new record when it successfully transferred electronic records from one border to another.

The success of this event would not be possible without the help of the blockchain-enabled IMDA TradeTrust platform.

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

The pilot demonstrates how TradeTrust Digital Utility can facilitate the digitalisation of trade finance processes. We have complemented this by providing legal certainty to electronic transferable records such as eBLs through the MLETR. With TradeTrust, businesses large and small can now authenticate their digital trade documentation and transact seamlessly in the digital economy.

Nowadays, the volume of cross-border transactions continues to increase every day. These achievements made by the banks mentioned above provide an additional security layer. Therefore, investors can now confidently transfer their financial assets anywhere in the world safely and seamlessly.

Consequently,  IMDA Trade Trust is just one example of a blockchain network that provides secure financial transactions in the crypto space. There are many potential projects in the crypto industry that offer financial security. Through this, we can say that the crypto space is now one step closer to dominating the world’s financial industry.

Source: https://coinquora.com/global-banks-conclude-financial-transfer-with-blockchain/