Skip to content

Australia and Singapore roll out digitized cross-border trade trial using blockchain

Australia and Singapore roll out digitized cross-border trade trial using blockchain
Jordan Major

The Australian Border Force (ABF), the country’s customs and border protection agency, plans to simplify cross-border trade with Singapore through blockchain. Both countries will carry out a blockchain trial under the Australia-Singapore Digital Economy Agreement (DEA).

The DEA was signed in August rolling out a framework for reducing barriers to digital trade. The framework also seeks to foster an environment where businesses and consumers can participate in both economies’ digitization.

In collaboration with Singapore Customs and the Singapore Infocomm Media Development Authority (IMDA), the blockchain trial aims to reduce administration costs and increase trade efficiency. 

The trial will focus on testing digital verification platforms across both the ABF’s intergovernmental ledger and IMDA’s TradeTrust platform for sharing electronic documents, like certificates of origin.

ABF Commissioner Michael Outram expressed his aspiration for border modernization programs. According to Outram:

“The ABF welcomes the opportunity to collaborate further with Singapore to improve cross-border trade between our countries. This initiative will incorporate paperless trading and secure digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window.”

Feedback from businesses and regulators

Businesses and regulators will offer feedback on the process with participation from the Australian Chamber of Commerce and Industry. The Australian Industry Group and Singapore’s financial institutions like the ANZ bank will also offer feedback.

According to the Department of Industry, Science, Energy and Resources’ National Blockchain Roadmap, with the current international trade, importing regulators have no direct relationship with exporters. Therefore, there is a need to have a digital mechanism to verify the documents provided. 

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account?

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.