The successful pilot demonstrates the significance of electronic bills of lading with turnaround time reduced from a few days to within an hour

Ms So Lay Hua, Head of Group Transaction Banking, UOB, said, “Being at the forefront of connecting ASEAN with Greater China, UOB is pleased to be part of IMDA’s TradeTrust digital utility that transforms conventional cross-border trade flows for greater efficiencies.

The successful pilots with our Singapore and Shenzhen clients have reduced the processing turnaround time from a few days to within an hour and demonstrated the interoperability of TradeTrust for paperless workflows within the trade ecosystem.

With this, electronic bills of lading and other electronic trade documents can be transferred across the ecosystem and the whole trade finance cycle in a fast and seamless manner.

We look forward to working with our clients from across the region to enhance their cross-border trade efficiency and to optimise their working capital with greater digital connectivity.”