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.
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