TradeTrust Newsletter November

Since 2021, UOB has been working in close collaboration with IMDA’s TradeTrust to pioneer and advance the adoption of electronic Bills of Lading (eBL) within the trade finance sector.

Through the successful completion of live eBL transaction, UOB has demonstrated the interoperability of multiple digital platforms used by ecosystem players in Singapore and China. This milestone highlights the benefits of enhanced speed and security for the cross-border trade transaction. Through its ongoing collaboration with TradeTrust, UOB aims to support the development of digital trade and contribute towards the industry’s movement on eBL adoption.

In this edition, we hear from Ms Ng Poh Yee, Head of Trade and Financial Supply Chain Management Sales at UOB, about the significance of digital transformation in trade finance and the path forward for increased adoption of digital trade:

Given your experience with the Digital Documents against Payment (D/P) Trial, how do you assess TradeTrust’s potential to enhance global trade security, migrate fraud risks and improve efficiency in global trade?

"The digital issuance and transfer of eBLs allow banks to efficiently verify the authenticity of documents without the need for separate validation procedures. When scaled, this capability boosts operational efficiency, reduce the risk of trade finance fraud, and enhance confidence in cross-border transactions. Additionally, ecosystem participants can now view, validate, and transfer title to goods almost instantaneously, enabling greater speed, transparency, and trust in global trade.

eBLs have facilitated fully digital D/P transactions, reducing the end-to-end processing time for documentary collections, from seller and remitting bank to collecting bank and buyer, from five working days to the same day."

As TradeTrust continues to shape the future of digital trade, how can collaborations between financial institutions, governments, and tech providers accelerate the adoption of interoperable eBLs?

"Collectively, we are taking steps in the right direction towards increasing adoption of digital trade. Government-to-government collaboration, such as the case of this D/P trial between Singapore and China, plays a key role in aligning ecosystem stakeholders and promoting the development of regulatory and legal frameworks needed to support the widespread adoption of digital trade. Cross-sector partnerships are especially vital. Projects that bring together financial institutions, governments, and technology providers are essential for driving seamless adoption of interoperable eBLs, ultimately accelerating the global transition to digital trade."

We’re excited to announce that TradeTrust’s Digital Documents against Payment (D/P) cross-border trade transaction has been featured in ICC UK’s Next-generation Trade Corridors: Building Digital Trade Superhighways report. Being included in this high-profile publication by a global leader in setting standards for trade and commerce marks a significant milestone that underscores TradeTrust’s contribution to digital trade innovation.

The report lays out a bold vision for transforming global trade by connecting key trade hubs digitally. By featuring TradeTrust’s successful D/P use case, ICC UK highlights how TradeTrust’s interoperability and digital solutions - such as the seamless transfer of TradeTrust-enabled eBLs, the verification of eBLs' proof of source and authenticity, and the transfer of title ownership - are accelerating the shift towards paperless, more efficient, and sustainable trade.

Benefits of the D/P Use Case:

Being featured in ICC UK's report is a recognition of how TradeTrust is shaping the future of digital trade and demonstrating the tangible benefits of interoperable, legally compliant digital trade solutions.

Dive deeper into the report and discover how TradeTrust is paving the way for faster, sustainable, and more secure global trade.

TradeTrust’s “Interoperable Digital Documents Against Payment (D/P)” project has won the Pro-Enterprise Impact & Partnership Award at the 2025 Pro-Enterprise Panel - Singapore Business Federation (PEP-SBF) Awards. This award recognises exceptional collaborations between the public and private sectors, and TradeTrust’s success in driving cross-platform interoperability between different digital trade infrastructures exemplifies this achievement.

Winning this award highlights TradeTrust’s role as a trusted digital utility, enabling global interoperability and supporting the digital transformation of international trade. It also underscores IMDA’s ongoing commitment to fostering innovation-friendly partnerships that drive efficiency, transparency, and growth in global trade.

This recognition reaffirms TradeTrust’s impact on enhancing cross-border trade by enabling secure and efficient exchanges of electronic Bills of Lading and other trade documents.

We are proud to announce that ASTRON Network’s case, “Building Global Cross-Border Digital Trust Bridges, Co-Creating an Open and Trusted Digital Ecosystem,” was selected as an exemplary case in the Network Infrastructure Construction category at the 2025 World Internet Conference Wuzhen Summit. The case was presented during the “Release and Presentation of Outstanding Cases of Jointly Building a Community with a Shared Future in Cyberspace” ceremony, showcasing twelve outstanding initiatives from over 300 submissions.

ASTRON is a crypto-less EVM compatible Layer-2 public blockchain variant developed by the China Academy of Information and Communications Technology (CAICT) to support Chinese international trading. In the Digital Documents against Payment (D/P) project, ASTRON highlighted its collaboration with TradeTrust, demonstrating how the use of trusted electronic trade documents across different platforms can advance global trade. This project showcased how TradeTrust’s interoperability and secure framework, enabled by public blockchain technology, helped ASTRON advance cross-border digital trade.

TradeTrust relies on public blockchain technology, enabled by Ethereum, Polygon, XDC, ASTRON (crypto-less), and STABILITY (crypto-less), to electronically endorse and transfer ownership of documents among stakeholders along a trade flow. Public blockchains allow for an open and interoperable system, enabling all international parties to participate.

Li Haihua, Deputy Head of the Informatisation and Institute for Industrial Internet & Internet of Things (IIIIoT) at the CAICT, noted TradeTrust’s involvement in the project, stating, “The successful collaboration between the ASTRON Network and TradeTrust is a prime example of building an open and trusted digital ecosystem. By enabling the digital transmission and mutual recognition of trade documents through blockchain technology, the partnership has significantly enhanced the efficiency and security of cross-border trade, while providing a replicable pathway for developing an open and trusted digital environment.”

We are incredibly proud to have been part of this milestone with ASTRON and look forward to furthering the impact of digital trust in the global trade community.

The digital trade ecosystem has long struggled with fragmented systems that hinder the widespread adoption of electronic Bills of Lading (eBLs). With only 5% of the 45 million Bills of Lading issued each year being electronic, the promise of seamless, global digital trade remains largely unfulfilled. The root cause? A lack of interoperability across proprietary eBL platforms, where each system operates as a closed ecosystem.

In our latest thought leadership piece, we explore why interoperability is the critical missing link for scaling eBL adoption. We examine current industry efforts, including standardisation and bilateral platform partnerships, and highlight how the lack of a common "highway" between platforms has kept eBLs from reaching their full potential.

As the digital trade landscape evolves, understanding these interoperability challenges is crucial to navigating the future of global trade.

Stay tuned for Part 2, where we’ll dive into how TradeTrust can unlock cross-platform interoperability.

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