CGI Launches Blockchain Lab for Trade Finance
CGI has launched a lab dedicated to helping its trade finance and supply chain clients harness the efficiencies of blockchain for new and existing products. The formal launch today at the Sibos finance conference in Geneva is part of the company's rapidly increasing use of Ripple's distributed ledger solutions. But, the lab itself will soon explore the benefits to trade finance more broadly. As part of the digital sandbox offering, the company will let its clients experiment with how various blockchains interact with its new Digital Intelligent Gateway, which allows for the sending of a....
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The Bank of America is developing a trail based on the blockchain for trade finance transactions in an attempt to tap into the applications of blockchain or distributed ledger technology for real world applications. Bank of America has revealed the development of a blockchain-based trial for trade finance, as a part of the financial institution’s foray into pushing for the adoption of the underlying technology that powers Bitcoin. The application of blockchain technology to trade finance is seen to be as a significant leap for an industry that still relies predominantly on manual,....
Dubai’s government is testing blockchain tech for trade finance in partnership with IBM. Dubai Customs, the emirate’s customs office, and Dubai Trade, an electronic trade services hub operated by the government, are helping spearhead the initiative, announced today. Several private companies are involved, including Emirates NBD and Banco Santander, two major banks that have tested the tech in the past. Du, a UAE-based telecom, and Aramex, a shipping and logistics firm headquartered in Dubai, are also taking part in the trade finance test, along with an as-yet-unnamed airline carrier. On....
A new blockchain consortium has been formed in South Korea, with both established finance firms and technology startups on its membership roster. According to one of the group's members – blockchain startup The Loop – the new initiative will focus some of its efforts on building tools for managing trade finance processes. The firm said in a statement: “Beyond providing [the] blockchain-based authentication and information sharing system, we collaborate with other technology providers on developing a prototype for financial services in areas of securities trade and post trade, the prototype....
The joint venture operating the new blockchain-powered platform will be headquartered in Singapore and led by SC Ventures' Amelia Ng as CEO. United Kingdom-based multinational banking firm Standard Chartered (StanChart) has launched a blockchain-powered trade finance platform through a joint venture with Chinese supply chain finance technology provider Linklogis.Dubbed Olea, the platform will aim to meet the needs of institutional investors that are “seeking opportunities in an alternative asset class with businesses requiring supply chain financing," according to a report from The Korea....
Seven major banks and financial institutions including HSBC, Deutsche Bank, KBC, Natixis, Rabobank, Societe Generale and UniCredit signed a Memorandum of Understanding hereinafter MoU in Brussels to develop a Blockchain-based trade finance and supply chain platform. Upon the completion and implementation of the joint project, the seven institutions will focus on implementing their Blockchain platform to optimize trade finance operations. The platform, which is based on a technology called Digital Trade Chain hereinafter DTC developed by the Belgian bank KBC, is expected to settle both....