ABN Amro shared blockchain knowledge at trade mission organized by the Dutch Blockchain company, Coalition, and addressed issues like how innovative blockchain applications can contribute to safe and secure collaborations. These questions will take the limelight at the challenge organized by ABN AMRO in collaboration with IBM, while the trade mission was in a roll in Singapore from November 11 to 15.
Under the agenda- ‘Blockchain for good’, Singaporean and Dutch participants will look into how distributed ledger technology (DLT) i.e. blockchain and smart contracts, can improve environmental and social problems.
Other issues to be addressed in the 5-day long event include- detecting and preventing financial crime and client due diligence (CDD) processes, and how technologies like blockchain can make those processes more reliably effective.
Ivich Hoffman, an Innovation & Design product owner at ABN AMRO’s Detecting Financial Crime, commented:
Many public and private parties, both domestic and international, are working on innovations to detect and prevent financial crime. During this challenge, we will exchange best practices and explore where and how we can work together. We can use these takeaways in Dutch banks’ current investigation into creating a joint body to monitor payment transactions.
Participants of the events include- the Singapore central bank and association of banks, De Nederlandsche Bank, ING, and Rabobank. It would also have attendees who are start-ups – Consensys, Cap Gemini, R3, Unchain and Dusk Network. The issues on what management and legal challenges are connected and how to deal with them would also be discussed in the concerned event.
Marjan van der Plas, the Senior Innovation Manager for DLT ecosystems at ABN AMRO also added:
The Netherlands and Singapore [..]Both countries have strong ecosystems on the blockchain front. And ABN AMRO has acquired a great deal of experience with blockchain pilots and platforms such as VAKT, Komgo, Forcefield, and DELIVER.