Convening alongside the annual World Economic Forum Annual Meeting in Davos, the International Chamber of Commerce (ICC), with 45 million institutional members in 130 countries, has joined the Singapore Government and a growing consortium of key industry partners to accelerate the digitalisation of global trade and commerce
DAVOS, SWITZERLAND – 22 January, 2020: ICC, the Singapore Government, and major firms from key industries have signed a historic cooperation agreement to facilitate and accelerate adoption of digital technologies in trade and commerce. The global industry leaders participating in the agreement are APRIL, DBS Bank, Marubeni Corporation, Mastercard, Mitsubishi Corporation, Mitsui & Co., Ltd., Mizuho Bank, Ltd., MUFG Bank, Noble, NTT DATA, PSA International, Sompo Japan Nipponkoa, Standard Chartered Bank, Sumitomo Corporation, Sumitomo Mitsui Banking Corporation, Tokio Marine, and Trafigura.
This public-private partnership between global organisations will be a significant leap forward to shift international trade from a paper-based system to digitally-enabled trade. It will create enormous potential value based on time and operational cost savings combined with the greatly reduced incidence of fraud and human error.
“Digital platforms will lower existing barriers to international trade in the coming years and enable many more businesses to participate in the new global economy. In line with ICC’s 21st century purpose, we are committed to enabling the broadest possible adoption of these digital technologies and support the development and recognition of universally accepted best practice standards for digitalisation, based on global consensus and the work being done by our partners today,” said John W.H. Denton AO, ICC Secretary General.
As one of the largest global trading hubs, Singapore is capitalising on its strong networks to bring together an efficient and unified process of digitalised trade. The country is partnering various international organisations, governments and industry players on the development of TradeTrust - a multilateral, open legal and technical framework, that enables inter-operability across different trade platforms and formats for the exchange of digital trade documents on a public blockchain. This strategic initiative is led by the Infocomm Media Development Authority (IMDA) with the Maritime Port Authority (MPA), and supported by partner agency, Enterprise Singapore.
One of the first platforms built on the TradeTrust framework is ICC TradeFlow. ICC TradeFlow was co-developed by ICC together with trade tech firm, Perlin, in collaboration with IMDA, commodities trader Trafigura, and DBS Bank. A landmark USD20M pilot trade was executed on ICC TradeFlow in November 2019, with an iron ore shipment from South Africa to China. To further support the industry-wide digitalisation, partners in this pilot trade are making further major trade volume commitments to be executed on this platform.
JOINTLY ISSUED BY THE INTERNATIONAL CHAMBER OF COMMERCE AND THE INFOCOMM MEDIA DEVELOPMENT AUTHORITY, SINGAPORE
About the International Chamber of Commerce
ICC is the institutional representative of more than 45 million companies in over 100 countries. ICC’s core mission is to make business work for everyone, every day, everywhere. Through a unique mix of advocacy, solutions and standard setting, we promote international trade, responsible business conduct and a global approach to regulation, in addition to providing market-leading dispute resolution services. Our members include many of the world’s leading companies, SMEs, business associations and local chambers of commerce.
For more information about ICC, visit www.iccwbo.org
About the Infocomm Media Development Authority (IMDA)
The Infocomm Media Development Authority (IMDA) leads Singapore’s digital transformation with infocomm media. To do this, IMDA will develop a dynamic digital economy and a cohesive digital society, driven by an exceptional infocomm media (ICM) ecosystem – by developing talent, strengthening business capabilities, and enhancing Singapore's ICM infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment, and enhances Singapore’s data protection regime through the Personal Data Protection Commission.
For more news and information, visit www.imda.gov.sg or follow IMDA on Facebook and Twitter @IMDAsg.
For media clarifications, please contact:
International Chamber of Commerce:
Tim Conley: Timothy.CONLEY@iccwbo.org
Infocomm Media Development Authority (IMDA):
Christopher Koh: Christopher_Koh@imda.gov.sg