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Large Singaporean Bank Completes First Blockchain Transaction

Ramsey Baker

Summary: The first blockchain-based financing transaction for the Singaporean branch of the CIMB Group has been completed, according to a report from Yahoo Singapore. CIMB Group, one of the largest investment banks in Singapore, used iTrust Trading’s blockchain-based Internet of Things (IoT) platform in an attempt to decrease the risks that come with commodity trade financing ...

The first blockchain-based financing transaction for the Singaporean branch of the CIMB Group has been completed, according to a report from Yahoo Singapore.

CIMB Group, one of the largest investment banks in Singapore, used iTrust Trading’s blockchain-based Internet of Things (IoT) platform in an attempt to decrease the risks that come with commodity trade financing and facilitate credit extension for their customers. This route gives CIMB the ability to monitor cargo data in real-time.

By Ramsey Baker

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