Singapore’s DBS Bank has reportedly partnered with multinational banking firm Standard Chartered to create a distributed ledger project for trade finance.

Bloomberg reports officials at both firms stated today that they have completed initial testing for the idea, and that they are seeking to collaborate with other firms on the initiative in 2016.

While light on details, the article went on to indicate that DBS and Standard Chartered were considering various distributed ledger technologies to achieve project goals.

The article reads:

“In pursuing the technology that underpins cryptocurrencies, including bitcoin, Standard Chartered and DBS are developing a new approach that could transform the trade finance business by speeding up banking transactions, while cutting costs and boosting transparency.”

Standard Chartered had previously announced its interest in this use case for the technology in a July blog post by chief innovation officer Anju Patwardhan.

Similarly, the announcement coincides with an rise in interest in this use case among industry startups, with firms including Wave and SKUchain working to disrupt the estimated $14tn industry.

Both banks have been reportedly investigating applications for the technology as early as May of this year, according to a blog post by Todd McDonald, CEO of the blockchain consortium R3CEV.

At the time, McDonald suggested that Singapore would be a likely initial testing ground for the technology given the size of the city-state and its reliance on cross-border payments.

Warehouse worker image via Shutterstock