Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Thailand Trials Blockchain to Boost Cross-border Trade

Blockchain Technology for Thailand Cross Border Trade

The Joint Standing Committee of Commerce, Industry and Banking (JSCCIB) of Thailand announced recently that it has completed a trial of a trade platform leveraging blockchain technology and developed by a Japanese system integration company.

The test was run as part of JSCCIB’s private sector initiative to develop a National Digital Trade Platform (NDTP) in Thailand. The Chairman of JSCCIB stated that the project is being developed to boost international trade in Thailand and the broader ASEAN region.

NDTP would increase the efficiency of trades by reducing processing cost and time. It will also help curb double financing and fraudulent documents as well as improve access to finance for SMEs.

Forty-seven participants from 24 different industries explored the benefits of digitalization of trade documents for international trade. JSCCIB said the trial achieved over 60% faster processing of trade documents.

Researchers found it is a single integrated digital platform that connects all parties and enables the exchange of trade-related data and documents digitally, according to the Head of Business Requirements Working Group for JSCCIB.

The time and cost of export and import will be reduced dramatically, the risk of financial fraud will be mitigated, and the process of logistics and insurance arrangement will be streamlined through the platform.

The trade platform uses blockchain and AI, among other technologies. Thai banks, forwarders, carriers, exporters, insurers and a Japanese importer took part in the trial.

Trade documents such as purchase orders, invoices, shipping instructions, sea waybills, certificates of origin, export permits, insurance policies and other materials were exchanged electronically between the participants.

The primary goal is to link the trading platform with the National Single Window and other platforms developed by neighbouring countries to boost trade in the ASEAN region.

The NDTP Business Requirements Working Group Executive for JSCCIB stated that the test provided the participants with hands-on experience and opportunities for open discussion regarding the needs and requirements of the ongoing NDTP project.

The Japanese company said that it aims to do away with paper-based transactions and increase the efficiency of the trade process. It has been developing the blockchain platform in Japan since 2017 with support from a cross-industry companies consortium.

The company also has plans to introduce the trading platform in the ASEAN region with the backing of local government agencies and service provides.

Last year the firm announced it was involved in a major Japanese trial for a blockchain and IoT supply chain platform in conjunction with the New Energy and Industrial Technology Development Organization (NEDO). The company previously completed a blockchain trial for marine cargo insurance claims.

A few months ago, a survey by the company revealed that 53% of financial services executives saw blockchain, AI and IoT as having the most impact on the industry.

In Thailand, another major blockchain project is the trade finance Letters of Guarantee consortium of 22 banks.

Earlier this week, the Thai government announced three blockchain projects, for VAT refunds, bonds and procurement.

OpenGov Asia reported that the Finance Ministrys plans to adopt blockchain-based value-added tax (VAT) refund service for foreign tourists, starting from the end of November 2019.

The blockchain technology for VAT refunds should speed up the process for tourists as details of their purchases will be immediately shared with the Revenue Department and the Customs Department once shops key in the information in the system, according to Thailand’s Finance Minister.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit