SINGAPORE: New Data Platform to Bring Transparency to Trade Financing

The Singapore Trade Data Exchange (SGTraDex) is to be launched by the government-backed Infocomm Media Development Authority (IMDA) in association with a number of banks, ports, shipping companies and commodity exporters. It is hoped that when this new facility goes live early next year, it will provide a common online trade data platform supporting digital sharing within the local and global supply-chain ecosystem. 

If all goes to plan, SGTraDex will act as a centralised gateway for companies to securely share trade data through API integration, allowing stakeholders to reconcile trade information with the actual physical flows of goods. With key trade data said to be easily verifiable, it is hoped this will add much needed transparency to the trade financing process. Overall, it is believed the system will unlock more than US$150 million of value annually when fully operational.