TradeTrust: A Singapore Initiative September 2018 Mr Loh Sin Yong, Director (Trade), IMDA (Loh_Sin_Yong@imda.gov.sg) Mr Kay Ren Yuh, Senior Manager (Trade), IMDA (Kay_Ren_Yuh@imda.gov.sg)
SINGAPORE’S DIGITAL ECONOMY BLUEPRINT PREPARING OUR ECONOMY FOR THE DIGITAL AGE VISION SINGAPORE AS A LEADING DIGITAL ECONOMY WHICH CONTINUALLY REINVENTS ITSELF STRATEGIC OUR ASPIRATIONS ACCELERATE COMPETE TRANSFORM PRIORITIES LEADING Singapore among the top three digital economies in the world DIGITALISING INTEGRATING INDUSTRIALISING INDUSTRIES ECOSYSTEMS DIGITAL DIGITAL ECONOMY Accelerate Grow Singapore’s Developing the next Singapore’s existing sectors digitalisation competitiveness by gen digital industry as embrace digital to remain of existing sectors fostering new an engine of growth competitive ecosystems, enabled by digital REINVENTS ITSELF ENABLERS TALENT Continuously invest in digital RESEARCH & INNOVATION capabilities to seize growth POLICY, REGULATIONS & STANDARDS opportunities PHYSICAL & DIGITAL INFRASTRUCTURE 2
IMDA’S ROLES INDUSTRY ENABLER DIGITAL REGULATOR & DEVELOPER PROTECTOR CHAMPION Ensure resilient telecom & Drive digitalisation across Master-planner for Develop the digital tech broadcast networks industries connectivity, digital and media industries as an infrastructure & standards engine of growth for Supporting a digitally Govern market conduct and Singapore protect consumer interest enabled workforce Prepare tech & media through infocomm, media, manpower, and segments Foster a data ecosystem postal and data protection of society to be digitally- for the digital economy regulation ready 3
PAPERLESS AND PAPER-LESS TRADE United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) Definition “ trade in goods, including their import, export, transit and related services, taking place on the basis of electronic communications, including exchange of trade-related data and documents in electronic form;. ” - Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific Challenges to moving forward on cross-border paperless trade • Adoption of common International Standards • Harmonization of legal frameworks • Capacity gaps among the parties • Cooperation between public and private sectors • Lack of intergovernmental coordination mechanism 4
EXISTING NON-TARIFF RELATED TRADE BARRIERS Fragmented Systems Manual Processes Complexity Heavy use of paper documentation Lack of systems’ interoperability Many parties Lack of legal recognition for documents Susceptibility to fraud Complex interactions outside proprietary systems Slow movement of paper documents Many documents Lack of standardisation for documents Risk of documents lost across trade ecosystem Chambers of Competent Logistics/FF Insurance Road Sea/River Air Carrier Rail Surveyors Bank Commerce Broker Customs Authorities International Trade & Supply Chain Commercial Measures Trade Finance & Transport & Logistics Compliance Contract Purchase Order Shipping Instruction Delivery Advance Manifest Permit Settlement Delivery Forecast Invoice Order Packing List Bill of Licence Cert of Origin Open Account Letter of (Self) Test Certificate Lading Airway Bill Despatch Fumigation Cert Safety Cert Consignee Shipper Credit Bill of Exchange Manufacturing Certificate etc. Advice Cargo Insurance etc. Health Cert Phytosanitary Cert (Seller) (Buyer) Obligation to Pay Factoring etc. etc. * source: ….. and many more UN/CEFACT 5
A TRADE PROBLEM THAT NEEDS GOVERNMENTS TO WORK TOGETHER TO SOLVE ? Silo systems cause other problems: • Duplicated memberships across Solutions • Disparate documents Business Business • Validity, Authenticity and Provenance not Documents Documents portable Regulatory Regulatory Documents • Not future-proof Documents • Vulnerable to discrepancy (intentional or Declarant Declarant otherwise) Govt Authorities Govt Authorities Paperless Trade originated from one country often gets “translated” into paper when crossing borders 6 into another country
HOW GOVERNMENTS CAN WORK TOGETHER TO SOLVE THE PROBLEM ? TradeTrust ™ “Circle of Trust” to close the loop A synchronous view that can be trusted • Only one membership required • Can handle any data/documents • Validity, Authenticity and Provenance in-built • Adaptable to future-tech • Invulnerable to discrepancy (intentional Declarant Declarant or otherwise) Govt Authorities Govt Authorities TradeTrust ™ 7
TRADETRUST FRAMEWORK & INFRASTRUCTURE TO ENHANCE G2G CONNECTIVITY Business-led Business … Insurance Logistics Finance Digital Ecosystems Co-Development, Innovation SME Adoption & Digitalisation Commercial Applications/Platforms/Solutions Govt-led Standards Devt Domain Specific Standards Development e.g. TradeTrust Framework Commercial Trade Finance & Transport & Regulatory (Standards, Semantics, Legal) Measures Settlement Logistics Compliance e.g. Standards & Semantics - e-Bill of Lading, Cross-domain Interoperable Framework e-Certificate of Origin, e-Invoice, Cross-border Legal – ETA & ETR Inter-ledger Interoperability Resource Discovery Recognition e.g. e-Notary Services Legal (ETA/ETR Model Law) Technical Infrastructure Trade Event Registry Smart Contracts Master Chain Trade Trust Infrastructure Technical National Single Window Implementation Digitalization & Interoperability Lower Non-Tariff Related Trade Barriers 8
SINGLE REPOSITORY APPROACH VS DISTRIBUTED APPROACH Competent Competent Surveyors Air Carrier Customs Surveyors Air Carrier Authorities Customs Authorities TT TT TT Node Node Node Bank Bank Road Single Road TradeTrust TT TT Repository* Node Node Network Logistics/FF Sea/River Sea/River Logistics/FF TT TT TT Node Node Node Broker Insurance Chambers of Insurance Broker Chambers of Rail Rail Commerce Commerce • Lower resistance-to-participate due to fear of data * Typical repositories support a specific set of communication protocols with bespoke connections needing to be built if the being “with another party” other party is not able or willing to adopt • Lower barrier-to-adoption because communication overheads are taken care of by just running a Node 9
POTENTIAL PILOT USE CASES Single and/or Multimodal Transport Corridors Project Illustrations 1. Digital platforms to connect Singapore to Inland other countries for shipments travelling Country X Single Window location along mutually-identified trade lanes. 2. Establish an expedited multi-modal channel Sea Port for goods flowing along the trade lanes. 3. Trade document digitalization 4. Interoperability across different trade solutions/platforms Keen to explore similar pilots to Singapore Single Window be conducted for other regions Leverage on existing G2G collaborations 10
THANK YOU Mr Loh Sin Yong, Director (Trade), IMDA (Loh_Sin_Yong@imda.gov.sg) Mr Kay Ren Yuh, Senior Manager (Trade), IMDA (Kay_Ren_Yuh@imda.gov.sg) sgdigital.sg twitter.com/IMDAsg youtube.com/IMDAsg facebook.com/IMDAsg
Recommend
More recommend
