in , ,

Singapore Leads the Way with World’s 1st Electronic TradeTrust Shipment

Digitalisation for Global Trade
Digitalisation for Global Trade

• Singapore’s IMDA pioneers the world’s first electronic TradeTrust cross-border shipment
• Electronic Transferable Record (ETR) technology streamlines global trade
• Successful trial showcases the potential for broader adoption of eBL in cross-border trade

The world has taken a giant leap into the digital future.

In Singapore, an amazing thing has happened.

The Infocomm Media Development Authority (IMDA) has done something no one else has done before.

They have made the world’s first live electronic TradeTrust shipment.

A New Way to Trade

Together with industry partners, IMDA has changed the way we trade across borders.

They did a live shipment from Singapore to Thailand using a special thing called an Electronic Transferable Record (ETR).

This ETR is like a paper Bill of Lading (BL), but it’s all digital.

The TradeTrust framework made this possible.

Mr. Loh Sin Yong, Director of TradeTrust at IMDA, said, “We believe this will illuminate wider adoption of eBL in cross-border trade.”

How It Worked

ExxonMobil Asia Pacific shipped liquid chemicals from Singapore to Thailand.

They used a TradeTrust-enabled digital platform, Bunkerchain, to make an electronic Bill of Lading (eBL).

A lot of people and groups helped make this shipment work.

They all trusted the eBL and followed the rules.

Why It Matters

This new way of trading is important for the whole world.

It makes trading faster and cheaper.

It also helps different countries work together better.

The TradeTrust framework makes it easy to use ETRs in a safe and trusted way.

Now, we can trade things without using so much paper. That’s good for the planet, too.

Actionable and Practical Takeaways

• Learn more about TradeTrust
• Explore how digital platforms like Bunkerchain can help your business
• Be open to new technologies that can change the way we trade

The world is changing fast. Singapore is leading the way with this new way of trading called Electronic TradeTrust.

We can all learn from this amazing achievement. It shows us that the future of global trade is digital, and it’s already here.

What do you think about this new way of trading? Can you imagine how it could change the way we do business all over the world?

What do you think?

Written by Patrick Tan

Meet Patrick, the word wizard of Daily.SG! He whips up news about Singapore that's so simple, even toddlers give him a thumbs up. When he's not writing, you'll find him sipping milk tea, gliding on skates, or striking a yoga pose. Dive into his stories and feel the sprinkle of fun and a whole lot of heart!

Leave a Reply

Your email address will not be published. Required fields are marked *