Source: ABN Amro
How can we work together with other banks and public organisations to detect financial crime?
And how do innovative blockchain applications contribute to safe and secure collaboration? These questions will take centre stage at the challenge organised by ABN AMRO during the trade mission to Singapore between 11 and 15 November.
Under the motto ‘Blockchain for good’, Dutch and Singaporean participants will investigate how distributed ledger technology (DLT), such as blockchain and smart contracts, can help solve environmental and social problems.
Some of the issues include client due diligence (CDD) processes and detecting and preventing financial crime. Technologies such as blockchain can make these processes safer and more effective. The questions how and what management and legal challenges are involved are addressed by the challenge organised by ABN AMRO with IBM. Participants include De Nederlandsche Bank, the Singapore central bank and association of banks, Rabobank and ING, plus companies and start-ups such as Cap Gemini, Consensys, R3, Unchain and Dusk Network.
Sharing best practices for innovative solutions
Ivich Hoffman, Innovation & Design product owner at ABN AMRO’s Detecting Financial Crime, comments: “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.”
The Netherlands is a blockchain pioneer and Singapore is rapidly becoming one of the world’s most digitalised countries. “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,” says Marjan van der Plas, Senior Innovation Manager for DLT ecosystems at ABN AMRO.
About the trade mission
The trade mission was organised by the Dutch Blockchain Coalition, in which ABN AMRO partners. Partners for International Business (PIB), an initiative of the Netherlands Enterprise Agency (RVO), is coordinating the trade mission. The mission is being led by Raymond Knops, Minister for the Interior and Kingdom Relations, who is responsible for the Government Digital Service.