UOB, IMDA digitalise SG-China cross-border trade flows

This is expected to speed up the electronic exchange of trade documents.

UOB announced that it has concluded its digital trade financing pilot with the Infocomm Media Development Authority (IMDA) for the digitalisation of Singapore-China cross-border trade flows on the TradeTrust digital utility.

The pilot focused on the electronic exchange of trade documents and managed to lower the turnaround time for the processesing of shipping document presentation and title transfer. It also lowered the transaction costs for businesses.

The pilot consisted of two digital letters of credit transactions involving an electronic bill of lading transaction simulations.

A bill of lading is a legal title document issued to a seller that details the type of goods, ownership, quantity and destination of goods being carried. The traditional trade flow involves manual handling of trade documents among sellers, buyers, carriers, and banks across different geographies.  A single trade finance deal could hold as many as 27 parties, with up to 36 original documents and 240 copies. 

So Lay Hua, Head of Group Transaction Banking, UOB, said that the pilot was effective in reducing processing turnaround time from days to within an hour. This, according to Hua, highlighted the interoperability of TradeTrust as a paperless workflow.

“With this, electronic bills of lading and other electronic trade documents can be transferred across the ecosystem and the whole trade finance cycle in a fast and seamless manner. We look forward to working with our clients from across the region to enhance their cross-border trade efficiency and to optimise their working capital with greater digital connectivity,” said Hua.

The pilot is a milestone under the Singapore-China Smart City Initiative.

Join Asian Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Air Cargo Airlines saw a big opportunity in the midst of the COVID-19 pandemic.
HKTDC, ACCA list services HK can offer for businesses expanding in RCEP markets.
This is based on a survey conducted amongst Gen Z and Millennial entrepreneurs.
Amanda Murphy will lead South Asia and SEA whilst Frank Fang, the GBA.
Revenue growth was most expected by Biotechnology start-ups (30%).
Mahesh is rejoining Deutsche after leaving in 2017.
ABF spoke with industry experts from Mastercard, Enterpryze, Boku, and Xfers to learn more.
Research reveals how corporate purpose-related social media communications engage and align with public interest in Asia.
This was thanks to Alibaba’s $5b offerings and a $2.5 bond issuance by SK hynix.
The central bank is willing to lend 60% of the required funds at a 1.75% rate.
SG’s regulator remains iffy on cryptocurrencies—or, in MD Menon’s words, crypto tokens.
By end-2021, HSBC will have 64 working in its China onshore private banking.
Over 20 companies were hailed in this inaugural programme by the Asian Business Review.
Over 20 companies were hailed in this year’s virtual presentation.