SINGAPORE: Cross-Border Digital Trade Document Pilot Scheme Announced
22 November 2021
A pilot of the world’s first cross-border digital trade document transfer service has been agreed between representatives of the Abu Dhabi Global Market and the Monetary Authority of Singapore (MAS) to facilitate trade finance. The new service will make use of the TradeTrust digital transfer framework, as pioneered by Singapore’s Infocomm Media Development Authority, and has been designed to fully comply with the United Nations Commission on International Trade Law's Model Law on Electronic Transferable Records (MLETR).
The MLETR protocol is said to eliminate the need to use paper-based documents for cross-border trade finance, while the TradeTrust platform ensures the one-stop legal recognition of a variety of digital documents, including electronic bills of lading. The system will also permit documents to be exchanged in real-time regardless of whether or not the concerned parties are operating on the same trade finance platform.
- Middle East
- Southeast Asia
- United Arab Emirates