Proposed Changes to Electronic Transactions Act to Allow Digitalisation of Trade Documents and Other Key Items

On 4 January 2021, the Electronic Transactions (Amendment) Bill 2021 (“Amendment Bill“) had its first reading in Parliament. The Amendment Bill seeks to amend the Electronic Transactions Act to adopt the UNCITRAL Model Law on Electronic Transferable Records. This would allow the use of digital documentation (such as bills of lading) with international ports and reduce the reliance on hard copy trade documents. 

The Amendment Bill is part of a wider and ongoing initiative by the Government to review and support the digitalisation of various types of instruments or transactions. In this Update, we take a look at the key provisions introduced in the Amendment Bill, as well as the changes which may be subsequently implemented following further framework enhancements.