Working with various agencies and industry partners both locally and overseas, Singapore seeks to develop an interoperability framework, “TradeTrust”, for the exchange of digital trade documentation. This will enable a more seamless and efficient flow of goods between digitally inter-connected trading partners.
TradeTrust consists of a set of governance and legal frameworks, standards and a future-ready digital infrastructure, to facilitate the interoperability of electronic trade documents exchanged between different digital ecosystems. It aims to reduce inefficiencies and complexities of cross-border trade arising from the current usage of paper-based documentation, such as bills of lading. This lowers operating costs for businesses and the risk of fraud while accelerating the digitalisation of cross-border trade processes thereby promoting more growth in trade.
Who can use?
TradeTrust will be relevant for any parties who are involved in cross-border trade and logistics documentation processes, including the following:
- Shipping lines
- Shippers / Consignees
- Logistics Service Providers
- Financial Institutions providing Trade Financing services
- Trade and logistics related Platform Providers
- Overseas Government Authorities involved in cross-border shipment clearances
TradeTrust can bring about the following benefits to the trade and logistics community:
- Increased efficiencies through certainty
TradeTrust eliminates the risk of receiving fake documents/information from sources other those expected. This removes the need for repetitive checks by the numerous trade ecosystem parties to ascertain the legitimacy of the documents/information received.
- Reduced costs of paper documentation
TradeTrust helps the trade industry to progress towards digitalising certain documents which for various reasons (e.g. legal) is handled in paper form today. This will eliminate costs associated with printing, handling and transportation of typically hundreds of pages amongst numerous parties. Estimates have been sighted that trade document processing and administration can add 20% to the physical cost of shipping a single container .
- Support for new service offerings through inter-operability, visibility and control
Conventional digitalisation efforts have given rise to increasingly fragmented digital ecosystems consisting of silo groups of trade ecosystem parties. TradeTrust works within this reality by enabling various enterprise and platform systems to effectively inter-operate such that they will be synchronised. Coupled with enabling the legal validity of certain documents in digital form, this can enable the creation of completely new service offerings.
Interested parties can email their enquiries to email@example.com.