Singapore and Australia are set to carry out a paperless trade using blockchain technology. A blockchain trial was launched on November 23, 2020, in an attempt to make it easier for businesses to digitally exchange trade documentation.
The Australian Border Force (ABF) is developing solutions to make cross border easier and is partnering with Singapore Customs and Singapore Infocomm Media Development Authority (IMDA) to begin a trial using digital verification systems through blockchain. The aim is also to reduce administration costs and increase trade efficiency between both parties.
Border Force Commissioner Michael Outram told the media, “The ABF welcomes the opportunity to collaborate further with Singapore to improve cross-border trade between our countries. In addition to our efforts internationally, this initiative will incorporate paperless trading and secure, digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window.”
The Australian Chamber of Commerce and Industry, Australian Industry Group, as well as financial institutions in Singapore, including ANZ, will participate in the trial.
It was also reported that Infineon and Tribe, the first Singapore government-supported blockchain ecosystem builder, are collaborating to further strengthen the Singapore blockchain ecosystem. Tribe accelerator brings together government agencies, corporates and blockchain companies to foster innovation and collaboration.
Singapore-based fintech startup Hashtacs, also known as STACS, announced last month that it will co-develop a blockchain platform to enhance the processes of structured products. STACS will develop the blockchain platform in partnership with Swiss EFG Bank (EFG).