A session by Loh Sin Yong from Infocomm Media Development Authority (IMDA) at TXF’s Global Trade Virtual 2021, explored one potential solution to the now highly paper-reliant trade.
TFG spoke to CargoX about their Blockchain Documentary Transfer (BDT) programme, Advanced Cargo Information and Single Windows
Trade and trade finance remains siloed, age-old and complex. Many are using DLT and blockchain to progress towards their goals of a digitized industry. TFG & WTO recently published their periodic table of DLT projects in trade, and here are 9 marketplaces and other initiatives addressing various opportunities in truly digital trade.
The OECD predicted that globally, immigration will fall 46% this year due to COVID-19 restrictions and economic weakness.
With electronic document rules in place, it is now the role of key players and regulators to go ahead and enable trade finance to take advantage of digital innovation.
If regulators and established FIs are to place their faith – and their capital – in Blockchain, it must have a financial crime control framework to match efficiency of the solutions blockchain offers.
By eliminating unnecessary paperwork, Port Community Systems contribute to sustainable transport logistics and support the ambition of meeting global carbon reduction requirements.
To advance trade finance’s digital transformation, financial institutions and technology providers alike are ramping up efforts to cooperate through a number of consortiums. But, to ensure these various initiatives do not create a cluster of “digital islands”, a more joined-up approach is required.
Over the past 2-3 decades there have been many attempts to digitise parts of the trade and trade finance process, but it’s the complexity of trade that remains the challenge. Most successful attempts at digitisation have had to bite off a small piece of the problem and this has led to silos or what I call a ‘digital island’ phenomena.
A Bill of Lading (abbreviated to B/L) is one of the most important documents in the global trade transactions. A B/L has 3 basic purposes or roles: Evidence of Contract of Carriage… read more →
We heard from Bolero’s Jacco de Jong at the BCR Supply Chain forum in London. Bolero has a vision for trade digitisation. Bolero is about connecting parties, banks and networks… read more →
Whether you are an owner of a large factory, an eBay or ecommerce seller or a farmer, logistics will be the backbone of your business. It doesn’t matter how good… read more →
The “bitcoin mania” – referring to the tulip mania of the seventeenth century – has lost its momentum. However, what should really be looked at is the technology behind the… read more →