Singapore, 20th May 2020 – dltledgers, a leading blockchain platform for cross-border trade digitization, has announced its integration with Singapore’s Networked Trade Platform (NTP). The move enables dltledgers to be plugged into the NTP’s ecosystem of traders and service providers, enabling the exchange of trade information digitally, while utilizing its wide range of Customs e-services. It also facilitates ease of business with Singapore government agencies, such as customs authorities, and extends the company’s reach into the Southeast Asian trading community.
With the addition of dltledgers to its ecosystem, NTP can offer its users the ability to digitize their trade execution activities, end to end, on blockchain. This offers several advantages. Blockchain allows enterprises to create an authenticated, permanent, digital record of their trades and documentation, reducing their reliance on paper. It can also reduce cycle times, increase transparency, minimize the risk of fraud, and ultimately increase capital efficiency.
Following a spate of bankruptcies, COVID-related delays, and several notable examples of fraud within Singapore’s commodity trading sector, this partnership aims to protect companies conducting trades in and with Singapore. Existing users of dltledgers, meanwhile, will gain access to the large network of private and public organizations that are already part of NTP.
Officially launched on 26 September 2018, the NTP is a one-stop trade and logistics ecosystem, which supports trade digitalization and connects players across the trade value chain – in Singapore and abroad. It facilitates partnerships and information exchange between businesses, trade-related service providers, and traders to improve productivity and facilitate trade. It was designed with the aim of positioning Singapore as a leading trade, supply chain, and trade financing hub.
Based on Hyperledger Fabric, dltledgers is one of the world’s most established, “plug-and-play”, blockchain platforms for international trade. It enables multiple parties to collaborate, connecting their in-house processes and systems via a common platform, with no security or data ownership issues. Organizations digitizing their trading activities with dltledgers can streamline their day-to-day operations, digitize trade finance, trace shipments, prove provenance and sustainability within their supply chains, and reduce their reliance on hard-to-trace channels like email, SMS, post, and phone calls. Companies that are already benefitting from the dltledgers platform include Shiseido, Cargill, IFFCO, and Mitsui.
Ms. Serene Ho, Director of the NTP Office said, “The vision of the NTP is to be a truly global network, to enable the efficient flow of goods and services, linked to a secure flow of financing, facilitated by a swift exchange of data, so that all parties, including regulatory and Customs authorities, can work together to facilitate trade. With inter-enterprise blockchain platforms like dltledgers joining the NTP, our users have the added option of digitizing their trade transactions backed by blockchain technology. I’m excited to extend this offering to our growing user base.”
Samir Neji, CEO at dltledgers said, “As the world struggles to mitigate the risks imposed by coronavirus, we believe it’s our duty to extend increased support to our customers. We’re delighted to announce that we’re officially listed as a value-added-service on the NTP. Our customers will have the unique ability to access multiple additional facilities, while still enjoying the convenience of conducting their trade transactions on a single platform. As a young and growing company, it will also help us gain exposure to organizations we may not otherwise reach”.
For more information, please visit dlt.sg.