Singapore has been making a concerted effort to develop interoperable digital trade in Singapore, targeting real-world business adoption. In the maritime sector, the adoption of electronic Bills of Lading (“eBLs“) has been hindered by a lack of coordination across carriers and digital trade platforms, which has slowed industry take-up. To address this, the Infocomm Media Development Authority (“IMDA“) has launched the TradeTrust Readiness Programme, which seeks to accelerate the adoption of digital trade solutions in the maritime sector.
The programme will support partnerships between Digital Trade Platforms (“DTPs“) and shipping carriers to demonstrate that eBLs can be used effectively across different digital platforms. Each participating pair will receive funding support upon achieving three key milestones:
- successful TradeTrust integration;
- completion of at least three live eBL transactions across different platforms; and
- successful interoperability with another TradeTrust-enabled platform.
The programme will run from February 2026 to March 2027. It is open to DTP-carrier pairs where the lead applicant is a Singapore-registered enterprise, with international partners eligible to participate.
In a sign of further industry validation of TradeTrust’s role as a trusted industry framework, four TradeTrust-enabled platforms have achieved approval from the International Group of Protection and Indemnity Clubs, giving electronic trade documents the same legal status as paper documents for insured maritime trade. The approvals were achieved by adopting TradeTrust Model Terms, which provide standardised legal frameworks that enable platforms to secure regulatory and industry approval more efficiently.
Click on the following link for more information:
- IMDA Press Release titled “IMDA’s TradeTrust Steps Up Efforts to Accelerate Global Digital Trade Transformation” (available on the IMDA website at imda.gov.sg)
Disclaimer
Rajah & Tann Asia is a network of member firms with local legal practices in Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Our Asian network also includes our regional office in China as well as regional desks focused on Brunei, Japan and South Asia. Member firms are independently constituted and regulated in accordance with relevant local requirements.
The contents of this publication are owned by Rajah & Tann Asia together with each of its member firms and are subject to all relevant protection (including but not limited to copyright protection) under the laws of each of the countries where the member firm operates and, through international treaties, other countries. No part of this publication may be reproduced, licensed, sold, published, transmitted, modified, adapted, publicly displayed, broadcast (including storage in any medium by electronic means whether or not transiently for any purpose save as permitted herein) without the prior written permission of Rajah & Tann Asia or its respective member firms.
Please note also that whilst the information in this publication is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as legal advice or a substitute for specific professional advice for any particular course of action as such information may not suit your specific business and operational requirements. You should seek legal advice for your specific situation. In addition, the information in this publication does not create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on the information in this publication.
