SG, India kickstart cross-border trade financing

The countries had their first live transaction using the TradeTrust Framework.

The era of interoperable electronic bills (eBLs) of lading for trade finance has begun for Singapore and India as they successfully had their first live transaction under its TradeTrust project.

TradeTrust, a project pioneered by the Infocomm Media Development Authority (IMDA), was designed to address the challenges of paper-based cross-border trades by utilising blockchain-powered technology to enable the digitalisation of trade documents.

The first live transaction involved DBS, ICICI Bank, Maptrasco, Jindal Stainless, and A.P. Moller-Maersk.

“The live transaction successfully showcased the digitalisation of cross-border trade financing documentation that can be applied across different systems, aimed at improving the speed, efficiency, and accuracy of information required in shipment transactions. This will result in cost savings for companies and enhance access to trade financing,” the Ministry of Trade and Industry and IMDA said in a joint statement.

Businesses in Singapore and India keen to execute eBLs in Letter of Credit transactions can reach out to DBS and ICICI Bank.