TradeTrust initiative launched in Singapore to boost digital trade

Tuesday 5 March 2019 10:41 CET | News

Singapore’s Minister for Communications and Information has launched the TradeTrust initiative, to facilitate the exchange of digital trade documentation.

The Info-communications Media Development Authority (IMDA) will partner the Maritime Port Authority (MPA) to lead TradeTrust development for electronic Bills of Lading (eBLs). They will be supported by Singapore Customs and Singapore Shipping Association, the ministry said, adding the four parties signed a memorandum of understanding (MoU) to affirm their support.

They will focus on developing the infrastructure for the exchange of such digital documents and conduct technical trials to demonstrate the interoperability of eBLs across different ecosystems, the MoU said. IMDA will organise industry consultation workgroups with stakeholders from the maritime trade, logistics and finance sectors, before issuing a Request for Proposal to the industry to submit proposals on how to implement the TradeTrust infrastructure.

This is not the first initiative MCI has introduced to try and eliminate paper from business transactions. During the committee of supply debates last year, it announced a plan to develop a common electronic invoicing (e-invoicing) framework and modelled it after the Pan-European Public Procurement On-Line (PEPPOL) standard.

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Keywords: TradeTrust, Singapore, digital trade documentation, trade finance, digital trade, PEPPOL, e-invoicing, Pan-European Public Procurement On-Line
Countries: World

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