TradeTrust features in ICC UK report outlining the future of global trade
TradeTrust is proud to be featured in Next-generation Trade Corridors: Building Digital Trade Superhighways, a report by the International Chamber of Commerce (ICC) United Kingdom. Featured as a case study, the report details TradeTrust’s successful execution of the world’s first interoperable Digital Documents against Payment (D/P) trial, jointly completed by the Beijing Two-Zone Office and Singapore’s Infocomm Media Development Authority (IMDA) on 9 April 2025.
The ICC UK is the representative voice of the ICC in the UK, and a leading voice in global trade rules and standards. The report identifies how connecting key trade finance and logistics hubs such as China, Singapore, and the US, can unlock faster, cheaper and more sustainable trade. Using real-world case studies, the report also outlines practical steps to modernise trade corridors, build interoperable digital systems, and move away from paper-based processes.
We are honoured to be recognised by a world-renowned organisation which reinforces TradeTrust’s standing as a trusted, interoperable and legally compliant framework driving the future of global trade.
A Milestone Project
The case study featured in the article involved a live transaction between COFCO Industrial Food and Yit Hong Pte Ltd, the first interoperable digital D/P for live trade involving major exporters, importers, banks, and carriers.
COFCO Industrial Food shipped canned food from Xiamen Port to Singapore’s Yit Hong Pte Ltd, with Pacific International Lines (PIL) as the carrier. The deal was supported by Bank of China and ICBC (remitting banks) alongside DBS and UOB (collecting banks), utilising TradeTrust-enabled electronic Bills of Lading (eBL).
The project also achieved cross-chain interoperability across blockchains (ChainMaker and ASTRON) and platforms (AEOTrade and SGTraDex), proving how trusted digital documents can flow securely across different systems within the TradeTrust framework.
The Trial: A Glimpse into the Future of Trade
Reduced costs
The trial’s success underscored the transformative benefits of paperless trade. By replacing traditional cross-border paper document mailing with digital transmission, bank document circulation costs were reduced by 30%.
Faster processing times
Transaction cycles were also significantly shortened. COFCO Industrial Food noted a 75% time save, with the time taken from shipment to payment settlement reduced from 20 days to five days. Similarly, Yit Hong Pte Ltd cut documentation handling time by 60%, while PIL reduced the processing time for Bills of Lading by 99%, from 5 to 10 days to only 8 minutes per transaction.
More streamlined workflows
A key feature of TradeTrust-enabled eBLs is the seamless transfer across TradeTrust-ready platforms, giving trading partners the flexibility to use their preferred systems, such as AEOTrade and SGTraDex. ASTRON’s blockchain technology supported this trial to enhance security and mitigate risks such as document fraud, loss, or tampering.
The report highlights that this decentralised approach means parties no longer need to operate on a common digital platform or adhere to one contractual rulebook, allowing each party to operate autonomously while maintaining legal integrity.
Ultimately, the trial showed the real-world benefits of digitalising current workflows and demonstrated TradeTrust’s ability to address longstanding inefficiencies in traditional trade processes.
What this Means for the World
By eliminating the need for paper and courier transport, leading to a reduction of carbon footprint, the trial fosters more efficient, sustainable and climate-conscious global trade practices. It showcases a model for scaling digital trade adoption globally, aligned with UN Sustainable Development Goals and following internationally recognised standards like The United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT), W3C, and the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Electronic Transferable Records (MLETR).
TradeTrust’s feature in Next-generation Trade Corridors: Building Digital Trade Superhighways emphasises the benefits gained from the trial and highlights our role in shaping the future of global trade by streamlining workflows and enhancing trade security.
TradeTrust will continue to explore broader end-to-end interoperable digital trade scenarios, contributing to broader global adoption of interoperable digital trade solutions.
Read the full report from ICC UK: https://iccwbo.uk/next-generation-trade-corridors/