Video | Digitalising Cross Border Trade Flows by UOB
26 November 2021
Digitalising Cross Border Trade Flows by UOB
We are pleased to lead IMDA’s pilot on digitalising cross-border trade flows between Singapore and China using the blockchain framework, TradeTrust. With this, businesses can transfer electronic bills of lading and other trade documents across the ecosystem and the trade finance cycle fast and seamlessly, enabling greater efficiencies and cost savings. In the pilot, our Singapore and Shenzhen clients saw the processing turnaround time reduced from a few days to within an hour!
“Being at the forefront of connecting ASEAN with Greater China, UOB is pleased to be part of IMDA’s TradeTrust digital utility that transforms conventional cross-border trade flows for greater efficiencies. 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.” – Lay Hua So, Head of Group Transaction Banking, UOB.