DBS announced that it has completed its first live transaction on the Singapore Trade Data Exchange (SGTraDex). This is a digital data exchange that facilitates trusted and secure sharing of data between supply chain ecosystem partners. The transaction was done by way of an electronic bunker delivery note (BDN).
The maiden transaction was completed with Kenoil Marine Services (Kenoil), in collaboration with mass flow meter data logger service provider Brightree. By digitalising the bunker delivery note, DBS, Kenoil and its counterparties are able to ascertain the trade data at source to validate the transaction details in a timely manner.
The objective is to provide bunker players faster access to working capital and enhance their cash flow management, while providing a trusted and secure environment for banks and participants operating in the ecosystem.
In addition to this first transaction, DBS has also completed a subsequent live transaction with TFG Marine.
Sriram Muthukrishnan, Group Head of Product Management of Global Transaction Services, DBS, said:
Access to secure, trusted and real-time data will support the long-term growth of trade and trade finance. With the digitalisation of the bunker delivery note, financing and payment for the underlying trade can be completed efficiently and on a near immediate basis.
He also added that the risk of fraudulent manipulation is mitigated as banks and industry partners are now able to ascertain the trade data at source. This helps provide greater transparency and comfort regarding the genuineness of trade.
