Is the trade digitisation landscape finally maturing?
Events / 30-11-21 / Share Link
After what has felt like years of mostly just talk, there are finally signs that ‘the blockchain story' may be progressing, with Asia undoubtedly at the forefront of trade digitisation advances.
Recent examples of this progress include the recent inaugural trade finance NFT transaction conducted on the Singapore-based XDC Network, whilst other notable activities include the newly-expanded Hong Kong-based Global Shipping Business Network (GSBN) consortium, set up to provide greater linkage between the shipping and finance sectors to facilitate end-to-end trade digitisation.
Reflecting on these initiatives and other developments such as Singapore's adoption of the UNCITRAL Model Law on Electronic Transferable Records (MLETR) and the G7 declaration on legal reforms, Eleanor Wragg, Bertrand Chen (CEO, Global Shipping Business Network (GSBN), Josh Kroeker (CPO, Contour), Sriram Muthukrishnan (Group Head of Product Management, DBS) and Billy Sebell (Head of Ecosystem, XDC Network) provided a comprehensive update on the digital landscape, whilst also addressing concerns over digital islands, jurisdictional and standardisation challenges when it comes to scalability.