Singapore-based DBS Bank and Trafigura in partnership with Infocomm Media Development Authority (IMDA), the International Chamber of Commerce (ICC), Enterprise Singapore and the government will launch a blockchain trade platform powered and developed by a Binance IEO project, Perlin.
The idea will make use of Singapore’s global trade connectivity to design an open-sourced blockchain trade platform branded as ICC TradeFlow platform.
The platform will link trade partners across borders and introduce dynamism to the archaic paper-based trade means purposely to reduce trade flows.
In November, the platform was said to pilot trade of USD20 million worth of iron ore shipped to China from Africa.
Although ICC TradeFlow Platform is built on TradeTrust network infrastructure that’s owned by IMDA, the innovation is powered and developed by Perlin’s blockchain technology.
The digital platform is designed and developed to be interoperable with future and present digital trade platforms, giving companies that are situated in countries like Singapore to seamlessly trade with countries using archaic paper-based systems.
Involved parties are able to receive, send and take action on trade instructions in a short time, reducing the lengthy transit time of end-to-end trade over half, from 45 to 20 days.
DBS led the innovation, with collaborations from global firms like Trafigura to bring productivity, transparency and efficiency, through digital means, to the trade finance industry.
Tan Su Shan, Head of Institutional Banking, DBS Bank, who spoke on the progress said through the collaboration, every DBS customers are able to receive their goods at least 50% faster without the cumbersome paper work.
ICC is to champion the innovation across the globe, says John W.H. Denton AO, Secretary-General of the ICC,
The Chief Executive Officer of Perlin, Dorjee Sun, noted that the blockchain platform will be a strong driver of digitalization of trade and transfer of title electronically.
The idea, according to him, will remodel trade, commodities and other finance with Singapore at the front.
Perlin (PERL) Perfected its IEO on Binance Launchpad
Perlin (PERL) perfected its IEO on the Binance Launchpad. The IEO at that time smashed a lot of records. One it was the biggest Binance Launchpad IEO ever.
The Perlin IEO received the most BNB staked for all Launchpad IEO. Users on the platform staked $330M in BNB tokens to have access to the Perlin IEO.
All the 40,695 participants on Perlin IEO are now PERL token holders, with the initial Launchpad hard cap of US$ 6.7m raised almost immediately.