Paperless end-to-end trade platform launched to boost productivity

It will let traders share key digital documents such as invoices and permits.

The one-stop networked trade platform (NTP) was launched to connect traders, logistics service providers, carriers, and banks in Singapore and to their counterparts abroad, an announcement revealed.

“This will help companies raise productivity, boost competitiveness, and uncover new opportunities,” finance minister Heng Swee Keat said.

Through the digital platform developed by the Singapore Customs and the Government Technology Agency of Singapore, traders can tap on a range of trade-related value-added services (VAS) such as cargo freight booking, trade financing, cargo insurance, customs declarations and payment reconciliation.

With said features, traders will be able to arrange shipments easily, improve cash flow, and better manage trade compliance in just one platform.

The NTP will also allow the sharing of key digital documents, such as, invoices and permits, to facilitate the application for trade financing and cargo insurance which will kill the need for papers in transactions, helping traders save time and cost and improve data accuracy.

Following its launch, initiatives have also been launched to link the NTP in an international scope. The Singapore Customs is already in talks with China Customs to link up our single window systems to facilitate trade declarations and smoothen trade flow for businesses.

Meanwhile, it has also discussed with the Customs Administration of the Netherlands to explore ways to achieve greater connectivity in trade regulatory processes by leveraging on technology.

The NTP is also tapping MUFG Bank and NTT Data Corporation on a proof-of-concept which connects NTT Data’s prototype platform using blockchain technology with the NTP, to facilitate secure and efficient cross-border trade data flows.