The IMDA, a statutory board in the Singapore government develops and regulates the infocomm and media sectors to create a dynamic, holistic and exciting ecosystem filled with growth opportunities through talent, research, innovation and enterprise. IMDA foster collaborations between tech companies and businesses across sectors in the economy, to develop innovative digital products and services. IMDA expands Singapore's international economic space through cross-border digital collaborations that enable businesses to connect and transact with counterparts worldwide.
Pioneered by IMDA, TradeTrust was designed to address the challenges of paper-based cross- border trades, leveraging international standards and frameworks, utilising blockchain- powered technology to enable digitalisation of transferable documents into ETR. IMDA's TradeTrust framework harmonises the legal recognition of digital documentations between various jurisdictions which has adopted the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Electronic Transferable Records (MLETR).
TradeTrust is a framework that comprises globally accepted standards connecting governments and businesses to a public blockchain. This enables trusted interoperability of electronic trade documents across digital platforms. Thus, TradeTrust is offered as a digital utility. TradeTrust has proven capability in tracing the source of digitally issued documents and verifying their integrity independently. Examples of use cases include validating the authenticity and provenance of government-issued documents, title transfers of electronic Billing of Lading and more.
IMDA has refactored its Token Registry codes to ensure compatibility with the XDC Network and capitalize on its scalability and efficiency. Users can access the current version (v3.2) of the codes at https://docs.tradetrust.io/
XDC is constantly working with IMDA in developing MLETR compliant solutions for the larger benefit of the industry.
Propine - First Licensed Digital Asset Custodian
Established in 2018, Propine is the first independent digital asset custodian licensed by the Monetary Authority of Singapore (MAS). Propine is the first digital assets custodian to be awarded an ISO 27001 certification, which is an internationally recognised specification for information security management. Audited by TÜV SÜD, an internationally accredited independent product testing service, Propine maintains information security management systems and determines which technical controls to implement so as to keep crucial information assets secure.
XDC Trade Network is well-integrated with Propine's solution ProTectTM. Borrowers and Lenders are required to be on-boarded as per the stringent on-boarding process of Propine. Atomic settlement is achieved in XDC Trade Network to provide businesses a faster, more-efficient and cheaper cross-border payments.
Atomic settlement - defined as the instant exchange of two assets that are linked, such that the transfer of one occurs only upon transfer of the other, atomic settlement breaks each complex transaction into its atomic components and settles them all simultaneously. All conditions must be satisfied before the transaction can complete. In other words, both payment and delivery of MLETR documents must take place per terms set in the smart contract for settlement to occur.
Based in India, Yodaplus is a leading IT services company specializing in blockchain technology, digital transformation in trade finance, AI and IoT, working with large enterprises as well as helping startups and MSMEs in their tech enablement. The firm offers a comprehensive range of services to a diverse client base spanning across multilateral development banks, retail giants, blockchain companies, health tech startups, EdTech startups, and HRMS providers, among others.
DocuTrade a unique digital solution not only simplifies the complex process of trade documentation but also ensures that digital documents possess the same legal credibility as traditional paper documents. DocuTrade facilitates the creation and management of vital documents such as the Bill of Lading, Certificate of Origin, Commercial Invoice, and more.
Credore revolutionizes cross-border trade with a paperless IT infrastructure, leveraging TradeTrust to issue MLETR compliant electronic documents, ensuring verifiability & traceability for legal validity.
Revolutionizing trade across the Americas, DocuShield offers secure, compliant documentation solutions tailored for MSMEs, facilitating simplified global commerce.
Kryjas's Docsonblocks offers no-code document generation, management, and verification, using TradeTrust for blockchain-backed, verifiable, transferable documents in international trade.