Brightening the Way Toward Digitalization of Trade Finance

Singapore's TradeTrust, developed by IMDA, integrates global standards, UNCITRAL's MLETR, and blockchain, allowing verification of electronically issued documents for global trade.

Brightening the Way Toward Digitalization of Trade Finance

Developed by Singapore’s Infocomm Media Development Authority (IMDA), TradeTrust comprises a set of globally accepted standards and frameworks that connects governments and businesses to a public blockchain to ensure that documents issued electronically are able to be verified in terms of their source and authenticity. It also offers trusted interoperability of electronic trade documents (including those of a negotiable nature) across different digital platforms. The framework is aligned with a global standard: UNCITRAL’s Model Law of Electronic Transferable Records (MLETR) which Singapore has adopted into legislation. To facilitate broader acceptance and use of TradeTrust, a freely available digital utility has been provided alongside a reference implementation that is designed to comply with the MLETR requirements.

The TradeTrust digital utility is open-source software available for download. The software leverages blockchain technology and has functions that enable the verification of authenticity and provenance of electronic trade documents such as a certificate of origin. In addition, the software is designed to enable implementers to handle electronic transferable records such as an electronic bill of lading in a way that fulfils three key criteria stipulated in the MLETR: singularity; exclusive control; and integrity.

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