The CIMB Bank in Singapore completed its first trade financial transaction using iTrust’s Blockchain and IoT platform. The transaction was about financing of dairy products that were shipped into China. Consecutively, the banks aims to pump trade finance by injecting up to $100 million USD.
CIMB Bank is a part of its parent company CIMB Group. The group under its management holds assets of $19.8 billion. ITrust, on the other hand, is a Trade Financing Platform that utilizes technology like Blockchain, IoT to improve the supply chain visibility of its customers.
This was a successful and first trade financial transaction that was completed on the Blockchain and IoT platform by the Singapore Branch of CIMB Bank. As per a statement by iTrust, the technology of Blockchain was adopted to securely store the data and documents of the transaction.
The CEO of CIMB Bank Berhad, Singapore, Mak Lye Mun 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.” He also adds, “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.”
The Co-Founder and CEO of iTrust, Lin Chee Kean, stated about how finance is constantly transforming with digitalization. Kean 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.”