Global eTrade Services (GeTS), a global trade platform company, will launch blockchain-based electronic Certificates of Origin (eCOs) in partnership with Singapore Chinese Chamber of Commerce & Industry (SCCCI). The service will be made available on GeTS' neutral and trusted Open Trade Blockchain (OTB) platform from 5th July 2019.
Mr. Chong Kok Keong CEO of GeTS said: "We are delighted to partner SCCCI to roll out this initiative by harnessing our blockchain technology to fulfil regulatory requirements. We will continue to make trade more accessible, easier and predictable for global trade."
The Certificate of Origin is an important trade document for cross-border trade between countries and use to certify the origin of the imported goods. The blockchain-based eCOs on GeTS' OTB platform will facilitate a more open and transparent digital trade economy, promote trusted connections, help establish the provenance of goods, and serve as a source of authenticity to Customs agencies and importers. It will also help to mitigate fraud risks or potential alteration of content, providing an immutable audit trail while facilitating a more secure exchange of trade documents.
Mr Roland Ng, President of SCCCI said: "SCCCI actively helps enterprises in business development and transformation, enabling them to adapt swiftly to global changes. The partnership with GeTS will empower businesses to expand their global footprint with ease, enhance their productivity, and help our members to harness the business opportunities using a trusted, secure, borderless and seamless blockchain technology."
With more than thirty thousand Certificates of Origin being issued yearly, blockchain-based eCOs will enable trade documents to be exchanged securely on a neutral platform on OTB, improving the supply-chain efficiency. Highly compliant industries such as food, pharmaceutical and automotive will benefit, especially when safety and health are key concerns. It allows traceability and provide transparency in the supply-chain in the event of fraud, recall or adulteration for the food, automotive or medication shipped.
Mr Eugene Wong, Chaiman of GeTS said: "We continue to innovate and bring about critical digital transformation in the trade and logistics industry. Blockchain will transform international trade, and the OTB platform is the perfect solution to bridge and create a neutral layer of trust among multiple stakeholders, allowing them to collaborate and access to trade documents securely."
Re-disseminated by The Asian Banker