PSA and major banks join ICC blockchain initiative

Blockchain, Technology, Connected, Business, Concept

The International Chamber of Commerce (ICC) has agreed a ‘historic deal’ with the Singapore Government and other industry stakeholders, including PSA International, to accelerate the digitization of global trade and commerce.

In a statement, the ICC said the deal, a private-public partnership, was struck at the World Economic Forum summit in Davos, Switzerland.

It will involve a number of major stakeholders involved in the processing of goods and documents, including Mastercard, Standard Chartered Bank and DBS Bank.

ICC say it will be a significant leap forward to shift international trade from a paper-based system to digitally-enabled trade.

Singapore is one of the biggest hubs for trade and is looking to capitalize on its strong networks to improve the process.

The country is working with international organisations, governments and industry players on the development of TradeTrust.

TradeTrust is a blockchain-based multilateral, open legal and technical framework, that enables inter-operability across different trade platforms and formats for the exchange of digital trade documents.

This strategic initiative is led by the Infocomm Media Development Authority (IMDA) with the Maritime Port Authority (MPA), and supported by partner agency, Enterprise Singapore.

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