Press Release | Electronic Transactions Act Amended To Facilitate Electronic Transactions
1 February 2021
Electronic Transactions Act Amended To Facilitate Electronic Transactions, Providing Convenience And Strengthening Singapore’s Trade Competitiveness In The Digital Economy
The Electronic Transactions (Amendment) Bill was passed in Parliament today, to amend the Electronic Transactions Act (ETA), and make consequential and related amendments to the Bills of Lading Act and the Contracts (Rights of Third Parties) Act.
To facilitate electronic transactions for businesses and citizens in Singapore and help businesses benefit from more convenient and secure electronic transactions, the Ministry of Communications & Information (MCI) and the Infocomm Media Development Authority (IMDA) have amended the ETA to adopt the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Electronic Transferable Records (MLETR) with modifications into Singapore law, and for the ETA to apply to transferable documents or instruments such as Bills of Lading.
This is the second comprehensive review of the ETA since it was first enacted in 1998, and follows the increasing central role of electronic transactions and e-commerce in the global economy.
An enabler to enhance Singapore’s competitiveness in the Digital Economy
The ETA facilitates the use of electronic transactions and e-commerce transactions by consumers and businesses. Among other things, the ETA amendments will enable the creation and use of electronic Bills of Lading (eBLs) that are legally equivalent to paper-based Bills of Lading.
Bills of Lading are key legal documents in maritime trade. Compared to the use of paper-based Bills of Lading[1], the adoption of eBLs will enable the shipping industry to benefit from faster transactions, cost savings (e.g. reduced administrative cost of cargo holding and document processing), and lowered fraud risks (through the use of digital authentication systems). Singapore has been encouraging the adoption of eBLs and has conducted technical trials through the TradeTrust digital utility. Please refer to the attached factsheet for more benefits of using Electronic Transferable Records (ETRs).
See full press release on IMDA's official website.