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Singapore’s GeTS launches world’s first cross-border blockchain for trade linking ASEAN and China’s Digital Silk Road

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.