In partnership with IMDA and Ministry of Trade and Industry (Singapore), Maersk has successfully tested the use of interoperable electronic Bills of Lading (eBLs) backed Letter of Credit transactions between Singapore and Indian banks and companies.
The collaboration paves the way for digital cross-border trade, with Minister Gan Kim Yong, “This is a substantial step towards achieving paperless trade, simplifying international transactions, and reducing costs.”
B.V.R. Subrahmanyam, Chief Executive Officer, of NITI Aayog similarly agrees in the milestone’s effectiveness of utilizing blockchain technology for cross-border trade finance.
This underlines Maersk’s continued commitment to adopt 100% eBLs by 2030.