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Singapore’s new trade data sharing platform aims to stem fraud

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Reuters UK

By Anshuman Daga and Jeslyn Lerh SINGAPORE (Reuters) -A Singapore trade data sharing platform backed by banks, commodity houses and state firms has signed up 70 participants as part of the city-state’s attempts to bolster confidence after a spate of commodity trade finance frauds in recent years. The Singapore Trade Data Exchange (SGTraDex), whose founders include banks DBS and Standard Chartered, commodity trader Trafigura and the local tech regulator, Infocomm Media Development Authority, was launched on Wednesday after plans were announced last year. “We’re trying to replicate what’s happen…

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