Singapore's Trade Finance Registry Seeks Asian Expansion Amid Fraud Prevention Push

A Singaporean trade finance registry designed to combat double financing fraud is preparing to expand across Southeast Asia, with the ASEAN Secretariat reportedly expressing interest in the platform. The system, launched by the Association of Banks in Singapore (ABS) in 2020, has processed significantly more transactions in 2025, growing usage by 70% compared to the previous year, according to banking executives involved in the project.

Background and Context

The registry emerged following a series of high-profile corporate collapses and fraud allegations in Singapore's commodity trading sector, which exposed vulnerabilities in traditional trade finance verification. The city-state's position as a major Asian trading hub made it particularly susceptible to double financing schemes, where fraudsters obtain multiple loans against the same shipment or goods. According to industry reports, such fraud cost banks billions annually before the registry's implementation.

Key Figures and Entities

The initiative was jointly led by DBS Bank and Standard Chartered, with 14 international financial institutions initially participating alongside ABS and government innovation agency Enterprise Singapore. Sriram Muthukrishnan, managing director and group head of transaction banking product management at DBS, told industry publication GTR that participation has now grown to more than 40 financial institutions. The underlying technology was developed by fintech provider MonetaGo, creating a secure database system that allows banks to verify whether borrowers have sought duplicate financing.

Legal and Financial Mechanisms

The registry operates by creating electronic fingerprints of trade documents through hashing technology, which are then shared across a unified data repository to detect potential double financing in near real-time. This system maintains data confidentiality while allowing verification across participating banks. Under the same framework, ABS has launched a complementary system for real-time verification of bills of lading, matching lender-submitted data with information from shipping companies to authenticate documentation. The technical architecture was designed to complement existing risk mitigation tools rather than replace them entirely.

International Implications and Policy Response

The registry's expansion beyond Singapore represents a significant step toward regional coordination in trade finance security. Discussions with banks and regulators across Southeast Asia are reportedly progressing well, with potential adoption by ASEAN member states representing a major development in cross-border fraud prevention. Industry sources note that while the system has successfully identified potential duplicate financing cases, its effectiveness depends on widespread participation and routine use by major lenders. Some market participants have raised concerns that the current volume of transactions may limit the system's ability to detect all instances of fraud, highlighting the need for broader adoption across the financial sector.

Sources

This report draws on statements from DBS Bank executives reported in GTR (Global Trade Review), information from the Association of Banks in Singapore, and public documentation regarding Singapore's trade finance infrastructure developments between 2020 and 2025.