Participants in a recent Dutch trade mission to Singapore discussed how banks and public organisations could work together to detect financial crime.

The discussions organised by ABN AMRO also looked into how innovative blockchain applications can contribute to safe and secure collaboration.

DLT solutions
Dutch and Singaporean participants investigated how distributed ledger technology (DLT), such as blockchain and smart contracts, can help solve commercial problems.

Some of the issues covered included client due diligence processes and detecting and preventing financial crime. Many believe technologies such as blockchain can make these processes safer and more effective.

Participants included De Nederlandsche Bank, Singapore’s central bank, Rabobank and ING, as well as companies and start-ups such as Cap Gemini, Consensys, R3, Unchain and Dusk Network.

Best practice challenges
Before the discussions opened, innovation and design product owner at ABN AMRO, Ivich Hoffman, said that during the challenge, “we will exchange best practices and explore where and how we can work together.”

The Netherlands is widely seen as a blockchain pioneer while Singapore is rapidly becoming one of the world’s most digitalised countries.

Categories: Trade Based Financial crimes News