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July 29, 2023, 09:07:14 PM |
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XDC Network, an open-source, carbon-neutral, enterprise-grade, EVM-compatible, Layer 1 blockchain network has completed an important milestone as part of efforts to further digitalise global trade. This integration with Singapore's Infocomm Media Development Authority's (IMDA) TradeTrust, a framework that enables trusted interoperability of electronic trade documents across various digital platforms. As part of this new collaborative effort, IMDA's TradeTrust can verify and transfer documents which can bring more visibility to trades, proof of authenticity and origins of documents, enabling a more seamless and efficient flow of goods between digitally interconnected trading partners.
This partnership is another milestone for XDC Network. In the space of Trade Finance, they already have a cross-border payments and financial messaging platform which is ISO 20022 compliant. XDC Network is being used by many financial institutions for asset origination to distribution. "Incorporating TradeTrust into XDC Network brings in the much-needed utility the industry has been waiting for. We are keen to play our part and look forward to working together with the industry and provide benefits as operational efficiencies created by digitised bills of lading, supply chain automation, risk management solutions, new capital markets, and improved access of capital for SMEs", says Sunil Senapati, CEO, XDC Trade Network.
"IMDA is excited to partner XDC Network to provide another blockchain-enabled platform that will enable government bodies and businesses to digitalise cross-border trade. With the growing demands of blockchain globally, XDC Network, as a partner of IMDA's TradeTrust is one of the solutions for trade finance. We will continue to work closely with industry partners to push the envelope in global digital trade", said Mr Loh Sin Yong, Director, TradeTrust, IMDA.
TradeTrust is a framework that comprises globally accepted standards connecting governments and businesses to a public blockchain. TradeTrust has proven capability in tracing the source of digitally issued documents and verifying their authenticity. Examples of use cases include validating the authenticity and provenance of government-issued documents, title transfers of electronic Billing of Lading and more.
With this XDC is also launching a special purpose entity named XDC Trade Network. This entity will primarily focus on Interoperability of MLETR solutions and provide liquidly for trade documents developed on a MLETR compliant solutions. The $2 trillion global trade finance gap which mostly affects the SMEs will now be able to access the required capital thru this entity. Pilots for this solution is already underway. Fully functional solution along with a regulated custodian will go live in September.
With MLETR gaining momentum our solution should drive digitalisation across trade participants. This would lower compliance costs, ease access to credit for SMEs, allow monitoring supply and logistics chains in real time, and even help prevent documentary fraud. With so many nations actively working to push through the enabling regulatory frameworks, we feel our solution is very timely and we can say cross border trade is looking increasingly more digital. We are keen to play our part and look forward to working together with the industry further added Sunil Senapati, CEO, XDC Trade Network.
About IMDA
The Infocomm Media Development Authority (IMDA) leads Singapore's digital transformation by developing a vibrant digital economy and an inclusive digital society.
As Architects of Singapore's Digital Future, we foster growth in Infocomm Technology and Media sectors in concert with progressive regulations, harnessing frontier technologies, and developing local talent and digital infrastructure ecosystems to establish Singapore as a digital metropolis.
About XDC Trade Network
XDC Trade Network is a complete suite of dApps on XDC Network that aims to redefine the global trade finance Industry by enabling digitisation of cross border trades. Working closely with its solution eco-system partners it promises to deliver Interoperability of MLETR solutions and Funding for trades documents developed on a MLETR compliant solution.
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