The International Chamber of Commerce (ICC) is collaborating with the Singapore Government and additional firms to fasten the adoption of digital technologies in trade and commerce, following the rapid development of digitalization in the shipping industry.
Specifically, convening at the sane time with the World Economic Forum Annual meeting in Davos, ICC is taking part on the project to accelerate the adaption of digitalization of global trade.
This partnership is a major step towards a traditional, paper-based system to a digital trade. In the meantime, trade digitalization will create enormous potential value based n time and operational cost savings combined with the greatly reduced incidence of fraud and human error.
The partners included in the effort are APRIL, DBS Bank, Marubeni Corporation, Mastercard, Mitsubishi Corporation, Mitsui & Co., Ltd., Mizuho Bank, Ltd., MUFG Bank, Noble, NTT DATA, PSA International, Sompo Japan Nipponkoa, Standard Chartered Bank, Sumitomo Corporation, Sumitomo Mitsui Banking Corporation, Tokio Marine, and Trafigura.
John W.H. Denton AO, ICC Secretary General commented that
In line with ICC’s 21st century purpose, we are committed to enabling the broadest possible adoption of these digital technologies and support the development and recognition of universally accepted best practice standards for digitalisation, based on global consensus and the work being done by our partners today.
Following the smart trends, Singapore recently launched “TradeTrust“, a multilateral, open legal and technical framework, that enables inter-operability across different trade platforms and formats for the exchange of digital trade documents on a public blockchain.
It is reported that this initiative is led by the Infocomm Media Development Authority (IMDA) with the Maritime Port Authority (MPA), and supported by partner agency, Enterprise Singapore.
Concluding, one of the first platforms built on the TradeTrust framework is ICC TradeFlow, which was co-developed by ICC together with trade tech firm, Perlin, in collaboration with IMDA, commodities trader Trafigura, and DBS Bank.
