The platform, named the Networked Trade Platform (NTP), is designed to bring the entire ecosystem to a single online location, where they can trade and transact with each other. Traders will be able to book services such as cargo freight, trade finance, cargo insurance, customs declaration, and payment reconciliation. More than 700 companies have signed up as users of the NTP.
Culum Capital is among the 90 service providers being onboarded to the NTP, which currently has 25 live companies. Nufin Data, an invoice financing platform, Hakovo, a freight quoting marketplace, and BlueJay Solutions, a documentary processing company, are also listed as active on the NTP. The NTP will replace two existing trade facilitation platforms in Singapore, TradeXchange and TradeNet.
Singapore’s government is in agreement with other national agencies, including China Customs, aiming to connect the NTP internationally. Singapore Customs is discussing with MUFG Bank and Japanese company NTT Data to connect the pair’s blockchain solution to the NTP.
NTT Data and MUFG launched their concept in December 2017, aiming to lay the foundation for a regionalised digitalised trade and supply chain platform in Asia, initially connecting Singapore with Japan. The launch of the Global Trade Connectivity Network is set in early 2019. The collaboration is meant to be between Hong Kong and Singapore, and it looks to use blockchain to digitise bilateral trade.
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