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SWIFT, IMDA partner for global trade digitalisation

Monday 5 October 2020 14:19 CET | News

SWIFT and Singapore-based Infocomm Media Development Authority (IMDA) have signed a Memorandum of Intent (MOI) for global trade digitalisation.

The MOI will set the framework to offer SWIFT's community of more than 11,000 financial institutions and corporates in over 200 countries and territories more efficient and cost-effective cross-border paperless trade, without the need for multiple bilateral linkages and siloed systems. Both companies see the moving manual processes to digitally-enabled ones creating opportunities to shorten trade processing times and open up possibilities for innovation such as new trade financing offerings to the trade community, according to cdotrends.com.

Through this MOI, both parties will work to combine TradeTrust, an interoperability framework that connects various platforms for the exchange of digital trade documentation, with the SWIFT community. TradeTrust provides proof of authenticity of documents and offers title transfer through open-source software. This functions alongside legal harmonisation to recognize these digital documents.

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Keywords: SWIFT, IMDA, global trade, digitalisation, Infocomm Media Development Authority, Singapore, Memorandum of Intent, MOI, global trade digitalisation, financial institutions, corporates, cross-border trade, paperless trade, trade processing, trade financing, TradeTrust, framework
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech