Singapore's leading banks are teaming up to develop blockchain-based digital business registration in a bid to further focus.

According to Zdnet, Singaporean banks have teamed up to create a digital business portal that will serve as a basic database for banks to access business transaction information. The platform relies on blockchain technology to increase transparency and reduce the risk of commercial fraud, as well as the way the print is published. The Board of Directors is chaired by DBS Bank and Standard Chartered and is supported by 12 banks including ABN AMRO, ANZ, Deutsche Bank, Industrial Credit Investment Bank of India (ICICI), OCBC (OCBC) and UOB (UOB). DBS Bank said in a statement Tuesday that Singapore-based blockchain technology start-up DLT Edgers has been selected to develop the platform. DBS Bank said it has worked with Standard Chartered Bank to develop a proof of concept for the platform over the past three months, and both parties have said they hope the platform will be strengthened. Borrow money and focus on commercial products. The board of directors was reportedly approved by the Enterprise Development Board of Singapore and approved by the Singapore Banking Association (ABS).