On November 3, The Joint Standing Committee of Commerce, Industry and Banking (JSCCIB) of Thailand announced it completed a trial of a trade platform leveraging blockchain technology and developed by Japan’s NTT DATA.
The test was run as part of JSCCIB’s private sector initiative to develop a National Digital Trade Platform (NDTP) in Thailand. Kalin Sarasin, Chairman of JSCCIB, said the project is being developed to boost international trade in Thailand and the broader ASEAN region.
He said NDTP would increase the efficiency of trades by reducing processing cost and time. It will also help curb double financing and fraudulent documents as well as improve access to finance for SMEs.
Forty-seven participants from 24 different industries explored the benefits of digitalization of trade documents for international trade. JSCCIB said the trial achieved over 60% faster processing of trade documents.
“We found it is a single integrated digital platform that connects all parties and enables the exchange of trade related data and documents digitally,” said Nattapon Dejvitak, Head of Business Requirements Working Group for JSCCIB. “The time and cost of export and import will be reduced dramatically, the risk of financial fraud will be mitigated, and the process of logistics and insurance arrangement will be streamlined through the platform.”
The trade platform uses blockchain and AI, among other technologies. Thai banks, forwarders, carriers, exporters, insurers and a Japanese importer took part in the trial. Trade documents such as purchase orders, invoices, shipping instructions, sea waybills, certificates of origin, export permits, insurance policies and other materials were exchanged electronically between the participants.
The primary goal is to link the trading platform with the National Single Window and other platforms developed by neighbouring countries to boost trade in the ASEAN region.
“The test provided the participants with hands-on…