Singapore's largest financial institution CIMB Bank Berhad Singapore Branch (CIMB) and a blockchain-focused fintech platform iTrust have completed the first transaction on iTrust's decentralized and Internet of Things (IoT) platform.
According to Yahoo! News, the transaction includes the financing of dairy products imported into China.
"With iTrust's security, transparency and visibility for the documents and cargo, CIMB hopes to mitigate risks associated with commodity trade financing and facilitate credit extension for their customers," states the official announcement.
CIMB Bank Berhad CEO Mak Lye Mun claims the bank will continue to focus on digitalization and the client's experience.
"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. We are looking forward to working closely with iTrust on this innovative way of trade financing in other markets as well," Lye Mun added.