SINGAPORE - Media
OutReach - 17 October 2019 - CIMB
Bank Berhad Singapore Branch ("CIMB") and iTrust have successfully completed
their first structured trade financing transaction on iTrust's Blockchain and Internet
of Things (IoT) platform.
The transaction involves the
financing of dairy products imported into China and is expected to generate transaction
flows of up to US$100 million a year. iTrust provides secured real-time
visibility of the cargo in transit and in the warehouse using blockchain-based IoT.
All data and documents from the transaction are blockchained in a distributed
ledger for provenance and immutability. The technology provides all
stakeholders with a secured operational dimension of the transaction, which was
absent in the past.
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.
Said Mr. Mak Lye Mun, CEO of
CIMB Bank Berhad, Singapore Branch: "Given the rapid technology shifts in the
market today, we will continue to focus on digitalization and customer
experience to transform the way we finance our corporate customers, thus adding
value to our services. 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."
Mr. Lim Chee Kean, CEO and co-founder
of iTrust added, "Digitalization is gradually transforming financing. With
iTrust, we have used blockchain-based IoT to provide insight of the physical
world into a blockchain digital platform. We believe that the day will come
whereby all lenders and borrowers would demand to have a secured real-time view
of their cargo under financing on a secure and immutable blockchain platform
iTrust is a trade financing
platform that harnesses the power of Blockchain, and blockchain-based IoT
technologies to improve supply chain visibility and risk management. iTrust is
a joint venture between Ascent Solution Pte Ltd, an IoT Solutions company, and
1Citadel Pte Ltd, a Blockchain technologies company. For more information,
please visit iTrustTrading.com.
About CIMB Group:
CIMB Group is one of
ASEAN's leading universal banking groups and is Malaysia's second largest
financial services provider, by assets. It offers consumer banking, commercial
banking, investment banking, Islamic banking and asset management products and
services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN
nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam,
Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in
China, Hong Kong, India, Sri Lanka, Korea, the US and UK.
CIMB Group has the most
extensive retail branch network in ASEAN approximately of 740 branches as at 30
June 2019. CIMB Group's investment banking arm is also one of the largest Asia
Pacific-based investment banks, offering amongst the most comprehensive
research coverage around of 600 stocks in the region.
CIMB Group operates its business
through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB
Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in
Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.
CIMB Group is listed on
Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation
of approximately RM52.3 billion as at 30 June 2019. The Group has around 36,000
employees located in 16 countries.