Singapore’s GeTS launches world’s first cross-border blockchain for trade linking ASEAN and China’s Digital Silk Road
The Global eTrade Services (GeTS), a subsidiary of CrimsonLogic (a leading provider of eGovernment products and services based in Singapore) announced the launch of Open Trade Blockchain (OTB), an inclusive and extensible blockchain service built for the trade communities to boost overall efficiency, security, and transparency for global trade. Open Trade Blockchain is also the region’s first cross-border blockchain platform that is aligned with China’s Belt Road Initiative (BRI) and the Southern Transport Corridor.
GeTS’ Open Trade Blockchain is a permissioned blockchain network run by trusted nodes which are hosted by whitelisted accredited trade compliance companies. OTB enhances the security of trade-related documents, from Certificate of Origin to Commercial Invoice and enhances the transparency and trust between shippers, freight-forwarders, and customers. For users, OTB is built on an intuitive and user-friendly interface that makes it easy for all companies whether digitally-savvy or not, to utilise the platform. Built with an Easy-to-Consume service layer, OTB offers drag-and-drop simplicity in securing trade documents between businesses. Web Service APIs are also available to allow partners to integrate and scale OTB with their own legacy systems.
GeTS is assisting partners to provision blockchain nodes progressively, including strategic partners such as China-ASEAN Information Harbor Co., Suzhou Cross-E-commerce Co. Ltd (operator of the Suzhou E-commerce Single Window), and Commodities Intelligence Centre (CIC, a joint-venture company between ZALL SMARTCOM – a major B2B player in China, GeTS and SGX). Additional partners such as Korea Trade Network (KTNET), PT-EDI Indonesia, TIFFA EDI Services Company Limited (a subsidiary of the TIFFA Group of Companies) and Trade-Van Information Services Co. (Taipei) are also coming on board.
The geolocation of existing and upcoming nodes provides an extensive blockchain network across Asia. With OTB linking China to the rest of the region, it will provide a strategic edge to businesses wanting to participate in China’s BRI initiatives as it offers greater connectivity with country’s “Digital Silk Road”.
Mr Eugene Wong, Chairman of CrimsonLogic and GeTS said that the Blockchain technology can help create greater trust amongst cross-border traders in ASEAN and along China’s BRI and Southern Transport Corridor. Trade volume between ASEAN and China could become the single largest transaction between the two regions; GeTS hopes to facilitate this. Mr Wong added that CrimsonLogic, developers of the world’s first Trade facilitation platform in Singapore, envisions the creation of a new Global Trade Facilitation platform that is globally trusted, using their Open Trade Blockchain technology.
A year ago, CrimsonLogic successfully launched GeTS, amassing over 10 million transactions in its first year of operation. Today, GeTS conducts more than 13 million transactions and has recorded a Gross Merchandised Value (GMV) of over S$5.48 billion for the first half of 2018. The launch of this Open Trade Blockchain will set a new precedent for global trade. It also promises to meet the growing demands for compliant and secure trade, both regionally and globally.
A unique feature of OTB is its open infrastructure. It is able to provide fundamental utilities as building-blocks for the trade community to co-create and develop new services. For example, transferable electronic Bill of Lading can be developed to transform the efficiency of the whole trade ecosystem, including trade finance.
Mr Chong Kok Keong, CEO of Global eTrade Services confirmed that GeTS will continue to capitalise on its deep domain knowledge and expertise in creating a global electronic single window environment to make global cross-border trade more accessible, predictable and convenient. GeTS is now linked to 24 Customs nodes across the world, with more than 175,000 connected parties and continues to improve time savings by 60% and increase productivity by 1.5 times for its customers.
“When we build OTB, we are envisioning a more transparent and trusted environment for traders to better conduct their businesses. We see tremendous potential in the open infrastructure of OTB, and I encourage the global trade and other communities to build blockchain services on OTB to better create a more transparent and secure environment for businesses”, Mr Chong added.
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