Singapore government cooperates with 16 companies to promote trade digitization, including blockchain technology applications

On January 22, the Singapore government, the International Chamber of Commerce (ICC) and 16 companies including MasterCard, Mitsubishi Corporation, and DBS Bank have formed an alliance to accelerate the deployment of digital technologies in trade and commerce. Alliance companies also expressed their willingness to apply distributed ledger technology to their businesses. Among them, DBS Bank said that in the business process, trade and trade financing are still the most onerous, and a large number of physical documents must be transferred from one place to another in order to establish authenticity and ownership. Digital technology, especially distributed ledger technology, is ready to solve this problem, but this requires coordination among key players worldwide. It is reported that the cooperation is also part of the ICC Trade Flow Alliance, which uses TradeTrust, a digital trading platform owned by the Singapore-based blockchain company Perlin, to focus on the application of blockchain technology in trade document business.