CrimsonLogic, a Singaporean government-owned e-service provider, has recently launched its cross-border blockchain network for global trade.
Popularly known as Open Trade Blockchain (OTB), this innovative platform is mainly created to increase the effectiveness of trade corridors, particularly between China and the Association of Southeast Asian Nations (ASEAN) countries.
Several operators have made a pact to be part of OTB such as China-ASEAN Information Harbor Co., TIFFA Group, and Singapore’s Commodities Intelligence Centre.
Eugene Wong, CrimsonLogic chairman, will lead this project and will be working closely with GeTs, its subsidiary company. The joint venture will be handling the platform and blockchain tech is set to build greater confidence among cross-border traders.
Wong added the trade volume between ASEAN and China is expected as the sole largest transaction for these two regions and CrimsonLogic is determined to make this happen.
This latest development is a step forward into the blockchain arena for Singapore with CrimsonLogic leading this project. This firm is owned by a city-state governmental authority and port operator.
In April, a previous conference among ASEAN nations noted Singapore’s earnest support for using blockchain in the region.
Singapore Finance Minister Heng See Keat noted the distributed ledger tech can provide financial inclusion for ASEAN’s underserved and underbanked sectors.