{"id":966,"date":"2023-04-12T10:25:54","date_gmt":"2023-04-12T02:25:54","guid":{"rendered":"http:\/\/www.hajomech.com\/singapores-tech-agency-conducts-worlds-first-paperless-cross-border-trade\/"},"modified":"2023-04-12T10:25:54","modified_gmt":"2023-04-12T02:25:54","slug":"singapores-tech-agency-conducts-worlds-first-paperless-cross-border-trade","status":"publish","type":"post","link":"http:\/\/www.hajomech.com\/singapores-tech-agency-conducts-worlds-first-paperless-cross-border-trade\/","title":{"rendered":"Singapore\u2019s tech agency conducts world\u2019s first paperless cross-border trade"},"content":{"rendered":"
\n

Infocomm Media Development Authority (IMDA) has partnered with <\/p>\n

industry players to execute a paperless, live cross-border trade from Singapore <\/p>\n

to Thailand.<\/strong><\/p>\n

\"Singapore\u2019s<\/p>\n

The trade involved the use of an electronic transferable record (ETR) that <\/p>\n

is functionally equivalent to a paper Bill of Lading (eBL), using Singapore\u2019s <\/p>\n

TradeTrust framework.<\/p>\n

<\/p>\n

IMDA reportedly developed TradeTrust to address the challenges of <\/p>\n

paper-based cross-border trades, leveraging international standards and <\/p>\n

frameworks and utilising blockchain powered technology to enable digitalisation <\/p>\n

of transferable documents into ETR.<\/p>\n

<\/p>\n

The Singaporean agency added that its TradeTrust framework harmonises the <\/p>\n

legal recognition of digital documentations between various jurisdictions which <\/p>\n

has adopted the United Nations Commission on International Trade Law (UNCITRAL) <\/p>\n

Model Law on Electronic Transferable Records (MLETR2).<\/p>\n

<\/p>\n

The world\u2019s first ETR cross-border trade involved ExxonMobil Asia Pacific <\/p>\n

Pte. Ltd. as the shipper, Bunkerchain as the TradeTrust-enabled digital platform <\/p>\n

provider, and VLK as the vessel owner who is supported by their Protection & <\/p>\n

Indemnity (P&I) Club.<\/p>\n

<\/p>\n

Bunkerchain provided a digital solution that supported the key logistics <\/p>\n

documentation processes for the cross-border liquid chemical trade which <\/p>\n

involved multiple parties such as a surveyor and custom broker.<\/p>\n

<\/p>\n

The use of TradeTrust has enabled the digitalisation of the issuance, <\/p>\n

ownership title transfer, and surrender of the ETR as an electronic Bill of <\/p>\n

Lading (eBL) between the different stakeholders across different systems, that <\/p>\n

is compliant to the UNCITRAL MLETR requirements.<\/p>\n

<\/p>\n

This live cross-border trade reflects a greater modern digitisation shift <\/p>\n

across industries worldwide.<\/p>\n

<\/p>\n

In October 2022, the UK government presented the Electronic Trade Documents <\/p>\n

Bill to promote digital trade across supply chains and cut carbon emissions. The <\/p>\n

new legislation is expected to boost UK\u2019s international trade and reduce costs <\/p>\n

for paper trade documents.<\/p>\n

<\/p>\n

More recently, Global Shipping Business Network (GSBN) signed a five-way <\/p>\n

non-binding Memorandum of Understanding (MoU) to promote paperless trade. The <\/p>\n

objective of the MoU is to boost efficiency and reduce the environmental impact <\/p>\n

throughout the shipping process.<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

Infocomm Media Development Authority (IMDA) has partnered with industry players to execute a paperless, live cross-border trade from Singapore to Thailand.The trade involved the use of an electronic transferable record (ETR) that is functionally equivalent to a paper Bill of Lading (eBL), using S…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"hj_lang":[3],"class_list":["post-966","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/posts\/966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/comments?post=966"}],"version-history":[{"count":0,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/posts\/966\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/media?parent=966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/categories?post=966"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/tags?post=966"},{"taxonomy":"hj_lang","embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/hj_lang?post=966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}