International trade forms the backbone of Singapore’s open and trade-friendly economy. We ensure that our institutions, infrastructure, policies and services, encourage the free flow of goods, and we are one of the major trading hubs in the world. With the opportunities provided by new digital technologies, we aim to work with various countries to accelerate digital innovation in global trade. At present, international trade transactions often involve large numbers of documents that are exchanged between multiple stakeholders. These paper-based documentations are inefficient, costly and susceptible to fraud. There is large potential to digitalise cross-border trade documentation, to reduce operating costs for businesses, lower risk of fraud and promote more growth in trade.
