Singapore banks are coming together to expand an industry virtual financial ledger that will serve as a central database from which they can post transaction records. Based on blockchain technology, the platform aims to advertise greater transparency and decrease the threat of ad fraud, adding dual financing. .
Led through DBS Bank and Standard Chartered, the initiative is supported by 12 other banks, in addition to ABN AMRO, ANZ, Deutsche Bank, ICICI, OCBC and UOB. DBS said on a Tuesday.
The Singapore bank said it had worked for 3 months, throughout Standard Chartered, to identify evidence of the concept of virtual registration that it hoped to obtain lending practices and transparency in commodity trade.
“[It] aims to be a public service by functioning as a secure central database that allows the banking sector to access records of advertising transactions financed between Singaporean banks. This avoids double financing of other bank lenders for the same advertising inventory, which is more accepted as is the case between banks and merchants, DBS said.
The initiative supported through Enterprise Singapore and approved through the Association of Banks of Singapore (ABS).
Without a virtual record, banks have recently had to validate within a single consumer entity or through their own banking network, regardless of what other banks have financed or payment obligations. Virtual registration would fill this gap by facilitating collaboration between market participants and the government. agencies, DBS said.
Enterprise Singapore Executive Vice President Satvinder Singh noted that the progression of the “neutral and secure platform” would facilitate the flow of data between banks and their threat control capabilities, generating greater confidence in the financial and industrial sectors.
After the proof-of-concept was completed, DBS said it would work with Standard Chartered and ABS to implement virtual registration in Singapore before extending it later to cover the “major advertising brokers” worldwide.
The ABS would also manage the virtual registry, supported through a committee made up of the member banks of the APA Council, in addition, 3 bank management teams would be formed to sign up to solidly lead the governance, technical progression and advertising reach of The All banks will be invited to register to register as members.
Alibaba expands its presence with an investment in Sun Art
Singapore publishes benchmark on AI ethics and governance
Singapore strengthens protection for new home routers
Zoom seeks post-pandemic expansion in APAC region
By registering, you agree to the terms of use and knowledge practices defined in the privacy policy.
You’ll get a free subscription to ZDNet’s Tech Update Today and ZDNet Announcement newsletters. You may opt out of receiving such newsletters at any time.
You agree to get CBS circle updates, alerts, and promotions from business family members by adding today’s ZDNet Technology Update and ZDNet Announcement. You can opt out at any time.