Key Trade Documents

and Data Elements

on the Frontlines
Tracking the digitalisation of trade
through 22 case studies

Key Trade Documents and Data Elements on the Frontlines

September 2024
1
In this report

Foreword 3

Preface 5

Executive summary 6

List of abbreviations 8

I Introduction 10

II The KTDDE Framework in practice across

the international supply chain 12
A Digitalising shipping and logistics processes 13
B Digitalising commercial documents and product-related information 25
C Digitalising cross-border regulatory compliance 37
D Digitalising financial services and fraud prevention 49

III The journey to digital: Lessons to date and a view on the future 63

Appendix 1—Acknowledgements 69

Key Trade Documents and Data Elements on the Frontlines 2

 Foreword

The Digital Standards Initiative (DSI) of the To address this, we have compiled 22
International Chamber of Commerce (ICC) cases that highlight the digitalisation of key
is on a mission to digitalise global trade by functions along the supply chain, particularly
addressing some of the biggest challenges focusing on areas where the use of digital
facing governments, businesses and people trade documents and data standards is
today. Among the four challenges1 we have critical. Certainly, digital transformation is
identified, perhaps the steepest one is not new—and we do not claim to provide
around standards for interoperability. With a comprehensive guide to transforming
hundreds of electronic and digital standards an entire supply chain. Yet, we hope that
in use across the global supply chain— this report makes a timely contribution by
and many more in development to enable providing practical insights for businesses
paperless trade—the task of building a and governments seeking to implement the
cohesive system is immense. KTDDE vision.

From the outset, a key objective of ICC DSI Our aim is, of course, to educate, but
has been to make sense of these standards more importantly, to motivate businesses
at a macro or ecosystem level. After 18 to take more steps to digitalise their key
months of intensive collaboration with trade processes, by showing that there are
over 60 organisations, we published the many different routes to transformation.
Key Trade Documents and Data Elements And while we did want to show cost and
(KTDDE) report in April 2024. This framework benefit analysis, in the end, we found
for digitalising the international supply chain that the process does not necessarily line
references digital standards for every key up so neatly. There are definitely costs to
trade process, represented by essential trade digitalisation, but the benefits are quite
documents, ensuring that core and shared significant, too. In some cases, customer
data can be interoperated and shared needs or compliance cannot be achieved
wherever needed. without digitalisation.

This integrated system-wide framework Governments play a crucial role in this

marks an important step forward by transformation, providing policy leadership,
providing clarity and a unified set of best controlling borders, and taking proactive
practices for all stakeholders. However, steps to support digital trade. Our goal here
to drive real change, we must pair this is to articulate for governments just how
macro-level framework with micro-level businesses are grappling with the tasks of
guidelines that provide practical steps for digital transformation—in all its diversity—
implementation at every point in the supply so that public sector officials may become
chain. This is about changing the behaviour more informed and make policy that is in
of organisations and individuals, whether tune with where business needs to go.
they are public or private, large or small. We
needed to answer the critical question: “But
what do I do with it?”

1 The four challenges are: legal reform, standards and interoperability, digital trust, and capacity building.
Find out more at www.dsi.iccwbo.org.

Key Trade Documents and Data Elements on the Frontlines 3

I’d like to thank all the organisations and We hope you will be inspired by the changes
their teams who have opened themselves outlined herein, and in turn, make the most
to contribute to this collection. And while of your own digital transformation.
we do not wish to suggest that there
are “leaders and laggards”—as every Pamela Mar
organisation operates at its own pace, Managing Director,
according to its own needs and resources— ICC Digital Standards Initiative
we are grateful for the generosity of the
organisations in this collection. Our goal is
to amass hundreds, or even thousands, of
examples of digitalisation at work so that
we may widen the circles of action.

Key Trade Documents and Data Elements on the Frontlines 4

 Preface

As the global trade landscape becomes The ICC DSI Industry Advisory Board
more digitalised, the importance of adopting (IAB) has been instrumental in advancing
standardised data elements and documents this work. Several members have shared
becomes increasingly clear. These standards stories from their own organisations or
are the backbone of interoperability, the communities they represent, offering
ensuring that diverse systems and platforms valuable insights into the practical
can communicate seamlessly across application of digital standards. These
borders. This is not merely a technical contributions highlight the collective effort
requirement; it is the key to unlocking greater across industries and regions to embrace
efficiencies, transparency, and resilience in digital standards and drive meaningful
supply chains worldwide. change in global trade.

ICC DSI has made significant progress As we move from the strategic vision to real-
in defining and identifying the standards world implementation, our goal is to provide
framework needed for key trade a clear, actionable roadmap for businesses
documents and data elements. The and policymakers alike. These case studies
KTDDE Framework represents a crucial demonstrate that the path to digitalisation
step in laying the foundation for a digital is not a one-size-fits-all journey. Instead, it
trade ecosystem that is both scalable and requires tailored approaches that consider
sustainable. We now need to translate the unique needs and challenges of each
these high-level principles into actionable sector, region, and organisation.
steps that can be taken immediately. This
collection of case studies thus serves as a We invite you to explore these cases and
bridge between the vision of global trade draw inspiration from the innovative
digitalisation and its implementation by solutions they present. Whether you are just
businesses and governments. beginning your digital journey or looking to
refine your existing strategies, we hope this
collection provides the insights and guidance
needed to take the next steps toward a fully
digitalised trade ecosystem.

Stephan Wolf
Chair, ICC DSI Industry Advisory Board

Robert Beideman
Chair, ICC DSI KTDDE Working Group
Vice-Chair, ICC DSI Industry Advisory Board

Key Trade Documents and Data Elements on the Frontlines 5

 Executive summary

Global trade is on the cusp of a transformation driven by digitalisation, where the physical
flow of goods and finance are tracked and transacted through a similarly connected flow of
data and electronic records. The key to accomplishing this is for all actors on the supply chain
to use a finite set of digital trade standards which are interoperable, thus making possible the
secure sharing of data wherever it is needed.

The aim of this report is to showcase how this transformation takes place on a practical level
and for different actors along the supply chain. Digitalisation of four different processes is
covered, with their respective impacts and benefits:

• A—Shipping and logistics processes focusing on the adoption of electronic Bills of Lading
(eBL) and other digital tools. Digitalising these processes led to significant reductions
in transaction times, enhanced data integrity, and improved operational efficiency.
These benefits extend to shippers, clients, and forwarders, creating a more reliable and
sustainable logistics ecosystem.
• B—Commercial documents and product-related information, such as test certificates
and import documentation, utilising technologies like blockchain and digital identity.
Companies have seen benefits in increased transparency, reduced costs, and enhanced
traceability and trust among stakeholders.
• C—Cross-border regulatory compliance, including the implementation of National Single
Windows and streamlined customs procedures. The digitalisation of these processes has
benefitted traders, customs authorities, and logistics providers by enhancing compliance
and operational efficiency.
• D—Financial services and fraud prevention, particularly looking at trade finance,
digital identity, electronic transferable records, and consent-based data sharing. These
innovations have enhanced security, speed, and accessibility in financial transactions,
benefitting both financial institutions and small businesses.

The documented experiences highlight the progress made in digitalising the supply chain
thus far using globally interoperable standards, and the potential for greatly enhanced speed,
simplicity and data sharing.

By examining the experiences and strategies of various entities in adopting digital trade
solutions, this report surfaces insights on digitalisation processes wherever they may occur in
the trade ecosystem:

1. Digitalisation can start anywhere along the supply chain: Digital transformation does
not follow a singular path, nor is there a universal “best starting point”. Organisations
can begin where they have capability, or in areas where immediate value can be
realised, such as automating manual tasks, or providing new and needed services to
customers through digitalisation.

2. Implementation capabilities will likely be drawn from both internal and external
sources: Organisations can choose between off-the-shelf solutions, proprietary
systems, or partnerships with technology providers, depending on their specific needs
and circumstances.

Key Trade Documents and Data Elements on the Frontlines 6

3. Leveraging standards is essential for long-term success: The deliberate choice
of globally interoperable standards will help to achieve interoperability with
business partners, reducing friction, and ensuring seamless integration across
the trade ecosystem.

4. Success metrics should be tailored to specific needs: Companies must define

success based on their unique goals, capabilities, and challenges. It may not
always be possible in the first instance to discern a strict economic or commercial
gain, but quantifying the benefits will help multiple stakeholders inside the
organisation to understand and support the benefits.

5. Initial challenges are outweighed by long-term benefits: While digitalisation may

involve significant initial challenges, the long-term benefits, including operational
efficiency and cost savings, outweigh these hurdles.

6. Benefits can come in unexpected ways: Digitalisation can yield unexpected benefits,
such as increased employee engagement, customer stickiness, or new opportunities
for innovation, which should not be underestimated.

7. Iterative development and continuous learning will increase the gains over time:
Organisations should adopt an approach that prioritises continuous learning, iteration,
and fast feedback cycles. Thus, a phased approach to digitalisation could help the
organisation take advantage of its newly acquired capabilities.

Implications and recommendations

For businesses: Embracing digitalisation in trade processes can lead to substantial cost
savings, greater operational efficiency, and enhanced competitiveness. By adopting
standardised digital tools and ensuring interoperability, companies can streamline operations,
reduce errors, and optimise supply chain management. This approach not only strengthens
customer relationships but also opens up access to new markets and financing options,
particularly for small- and medium-sized enterprises (SMEs). Businesses should focus on
standardising trade data, simplifying interactions with partners, and securing data sharing to
better leverage both traditional and alternative financing sources.

For policymakers: Policymakers and political leaders are critical in fostering an environment
conducive to digital trade, by harmonising regulations, standardising processes, and investing
in digital infrastructure. Governments should prioritise the development of interoperable
public infrastructures that enable secure data sharing between trade participants and
financial institutions, thus improving SMEs’ access to working capital. Additionally, policies
that enhance capacity building for customs officials and other regulatory agencies are
critical for the successful adoption of digital trade solutions. By promoting public-private
collaboration and ensuring the global trust and interoperability of digital identities,
policymakers can facilitate more efficient cross-border trade and drive economic growth.

Key Trade Documents and Data Elements on the Frontlines 7

 List of abbreviations

ACITI Australian Centre for International Trade and Investment

ADB Asian Development Bank

AMS ASEAN Member States

API Application Programming Interface

ASEAN Association of Southeast Asian Nations

ASW ASEAN Single Window

ATG Africa Trade Gateway

ATIGA ASEAN Trade in Goods Agreement

BCO Beneficial Cargo Owner

BIMCO The Baltic and International Maritime Council

CBDC Central Bank Digital Currency

CBP US Customs and Border Protection

CDI Commercial Data Interchange

CARM Customs Assessment and Revenue Management

COSCO China Ocean Shipping Company

DCSA Digital Container Shipping Association

DLT Distributed Ledger Technology

DNI Digital Negotiable Instrument

DO Delivery Order

dPN Digital Promissory Note

EDI Electronic Data Interchange

eBL Electronic Bill of Lading

eFBL Digital FIATA Bills of Lading

eUCP Uniform Customs and Practice for Documentary Credits for Electronic Presentation

ETDA Electronic Trade Documents Act

FBL Negotiable FIATA Multimodal Transport Bill of Lading

FCI Factors Chain International

Key Trade Documents and Data Elements on the Frontlines 8

FMCG Fast-Moving Consumer Goods

GLEIF Global Legal Entity Identifier Foundation

GSBN Global Shipping Business Network

HKMA Hong Kong Monetary Authority

ICC International Chamber of Commerce

ICISA International Credit Insurance and Surety Association

IMDA Singapore Infocomm Media Development Authority

IPPC International Plant Protection Convention

IAB Industry Advisory Board

ISO International Organization for Standardisation

KYC Know Your Customer

KTDDE Key Trade Documents and Data Elements

LC Letter of Credit

LEI Legal Entity Identifier

MLETR Model Law on Electronic Transferable Records

NACCS Nippon Automated Cargo and Port Consolidated System

NOC No Objection Certificate

NSW National Single Window

OBL Original Bill of Lading

PO Purchase Order

RPP Revenue Processing Plan

SME Small- and Medium-sized Enterprise

TFA Trade Facilitation Agreement

TREDS Trade Receivables Discounting System

UN/CEFACT United Nations Centre for Trade Facilitation and Electronic Business

UNCITRAL United Nations Commission on International Trade Law

UNECE United Nations Economic Commission for Europe

URC522 Uniform Rules for Collections

vLEI Verifiable LEI

WCO World Customs Organization

WTO World Trade Organization

Key Trade Documents and Data Elements on the Frontlines 9

I Introduction

a. Overview of the DSI Key Trade Documents and Data Elements

(KTDDE) Framework
In April 2024,ICC DSI launched a complete framework for end-to-end supply chain
digitalisation, based on its 18-month analysis covering all 36 key trade documents. The report,
together with its interactive Key Trade Data Glossary, marked a breakthrough in digital
trade bringing together all key trade documents in a single integrated framework, with data
alignment that presented a clear path to interoperability and secure data sharing.

The vision aimed to simplify what had become a massive collection of thousands of data
elements, hundreds of different version of trade documents, and dozens of ways to secure
and share data along the supply chain, into a framework that could become the universal
set of best practices for anyone wishing to digitalise any part of their supply chain. It was
developed in response to clear needs to overcome complexity and chart a pathway to
standards alignment and interoperability across the trade ecosystem.

The framework was developed by the KTDDE Working Group under the ICC DSI IAB, which
brought together contributions of standards developers, regulators, United Nations agencies
and industry users across horizontal and vertical supply chains. The KTDDE Framework offers
a pathway towards globally aligned, interoperable trade ecosystems, which is the common
objective of all parties involved in this work.

The KTDDE Framework, importantly, does not introduce new electronic trade document
standards, but rather provides a means to connect and interoperate the standards that
are already in use in business-to-government compliance processes as well as business-to-
business transactions in the international supply chain. Thus, for any business considering
further steps in digitalisation, this clarity of future interoperability should provide impetus to
proceed further.

So the question, if not where to start, is where to digitalise next? This report aims to support
businesses to understand the decision before them by presenting examples of how
businesses all over the world, at every point in the supply chain, are digitalising the supply
chain in ways that conform to the push for interoperable standards.

Key Trade Documents and Data Elements on the Frontlines 10

b. Purpose and scope of the report
This report aims to showcase examples of the implementation and adoption of the KTDDE
digital standards and recommendations:

• A practical analysis of the specific challenges that organisations encounter in the

digitalisation of trade, covering commercial, transport, cross-border regulatory processes
and financing.
• Insights from industry players, transport service providers, banks, trade associations
and government agencies on their approach, what worked, benefits reaped and
lessons learnt.
• Actionable recommendations for joint efforts between governmental bodies and the
private sector to improve efficiency, cut costs and foster greater visibility.

By highlighting these elements, the report seeks to provide relatable examples to accelerate
and scale progress in digitalising trade and supply chains end-to-end.

Key Trade Documents and Data Elements on the Frontlines 11

II  he KTDDE Framework
T
in practice across the
international supply chain
A—Digitalising shipping and logistics processes
1. Sucafina: Transforming the coffee trade with digital solutions
2. BHP: Simplifying operations and enabling timely delivery with electronic Bills of Lading
3. GSBN: Enhancing data trustworthiness to unlock trade finance opportunities with
tokenised electronic Bills of Lading
4. GLEIF, WaveBL and TradeGo: Integrating Legal Entity Identifiers and verifiable Legal
Entity Identifiers into electronic Bills of Ladings
5. Lloyds Bank: Reducing transaction time with electronic Bills of Lading and digital
Promissory Notes
6. CargoX: Helping freight forwarders eliminate the need for paper

B—Digitalising commercial documents and product-related

information
7. Tata Steel: Digitalising test certificates with blockchain innovation
8. TradeWaltz and Kanematsu Corporation: Moving import document storage to the
digital realm
9. Enigio: Future-proofing document exchange with minimal friction
10. Air8: Digitalising and standardising for faster lending to SMEs
11. NeXTRADE: Aligning master data in sales and procurement

C—Digitalising cross-border regulatory compliance

12. ASEAN Single Window: Integrating the National Single Windows through the
harmonisation of technical solutions, business processes, and legal frameworks
13. Dubai Trade: Revolutionising supply chain efficiency with Trade+ digital Delivery Orders
14. DHL: Simplifying cross-border trade for SMEs
15. Roanoke: Enabling smooth compliance with electronic customs bond in the US market
16. Australian Centre for International Trade and Investment: Developing a Single Window
System for the 21st century with KTDDE core data

D—Digitalising financial services and fraud prevention

17. Hong Kong Monetary Authority and Commercial Data Interchange: Enhancing
consent-based data infrastructure to streamline loan approval for SMEs
18. XDC Trade Network: Facilitating faster access to trade finance liquidity with digital
identity and digital Promissory Notes
19. Swift and ICICI Bank: Digitalising the Letter of Credit
20. Vale International and HSBC: Electronically presenting Letters of Credit using electronic
Bills of Lading
21. Afreximbank: Africa Trade Gateway—Empowering African Trade under the African
Continental Free Trade Agreement
22. MonetaGo: Leveraging standardised data points to alert financiers of potential fraud

Key Trade Documents and Data Elements on the Frontlines 12

A  igitalising shipping
D
and logistics processes

The digital transformation of shipping and • WaveBL and TradeGo: Integrated Legal
logistics is not just about adopting new Entity Identifiers (LEIs) to enhance trust
technologies. It is about fostering effective and security in electronic transferable
collaborations between corporates and records, streamlining onboarding
solution providers to redefine the efficiency, and facilitating faster, more secure
transparency, and sustainability of global transactions.
trade. This section explores how leading
organisations have successfully partnered • Lloyds Bank: Digitalised the documentary
with digital solution providers to enhance collection process, reducing transaction
their shipping and logistics operations, times from 15 days to under 24 hours,
particularly through the adoption of eBL and leading to substantial operational
other innovative digital tools: improvements, cost savings, and
enhanced customer satisfaction.
• Sucafina: Partnered with Cargoo to
automate 70% of its shipping volume by • CargoX: Helped freight forwarders cut
centralising and automating key tasks, drafting time for FIATA Bills of Lading
significantly improving operational by 80-90% and reduce sending costs by
efficiency and productivity. 70%, leading to significant operational
efficiencies and improved document
• BHP: Implemented a scalable eBL solution security.
to reduce document amendment times
from over a week to less than 24 hours, These case studies illustrate how the
enhancing operational efficiency and successful digitalisation of shipping and
customer satisfaction, especially on short logistics processes is not just about the
voyages. technology itself but about the partnerships
that enable these innovations. By working
• GSBN: Utilised blockchain technology to closely together, corporates, financial
create immutable and verifiable records, institutions and solution providers are setting
reducing CO2 emissions and enabling new standards for efficiency, reliability, and
extended financing options, aligning sustainability in global trade.
economic goals with environmental
sustainability.

Key Trade Documents and Data Elements on the Frontlines 13

 Sucafina
 ransforming the coffee
T
trade with digital solutions

The opportunity
Addressing inherent inefficiencies in traditional shipping processes
Sucafina faced several challenges in its traditional shipping processes. The manual
submission of booking and shipping instructions to multiple shipping line websites was time-
consuming and prone to errors. Team members had to manually update system details,
requiring more administrative staff and diverting focus from more productive tasks. Frequent
email exchanges for updates between shippers, Sucafina, and clients led to inefficiencies
and potential errors. Additionally, the lack of visibility into the status of shipping instructions
and bookings resulted in multiple communication loops, a situation that is unsustainable
especially during peak seasons.

The solution
Digitalising all shipping-related communications and
documentation in one place
Sucafina partnered with Cargoo to digitalise and centralise its shipping processes. Cargoo
became the centralised platform for submitting bookings, VGM (verified gross mass), SIs
(shipping instructions), and Bill of Lading (BL) instructions. A link between Cargoo and
Sucafina’s planning system ensured automatic updates, eliminating the need for manual
data entry. Furthermore, shippers, clients, and forwarders were encouraged to join Cargoo,
reducing email exchanges and enhancing collaboration through a single platform. This
seamless integration enabled the electronic creation and transfer of shipping instructions
and allowed shippers to send booking requests with minimal manual input through
Application Programming Interfaces (API).

The impact
A driver for optimisation and single source of truth for all
stakeholders
The solution resulted in significant benefits for not only Sucafina but also its shippers, clients,
and forwarders:

• Efficiency gains: The time to update booking information was reduced from five minutes
manually to instant updates via Cargoo. SI submissions now take only four minutes instead
of 10 minutes per submission, resulting in a 60% time reduction for multiple submissions.
Email updates to clients were reduced by 50%, from eight emails per month to four.
• Accuracy and trust: Automated draft BL issuance reduced errors, as cargo booking and
labeling instructions are submitted directly through Cargoo. All updates are tracked on
Cargoo, providing a single source of truth for all stakeholders.

Key Trade Documents and Data Elements on the Frontlines 14

• Resource optimisation: Employees can now focus on value-adding tasks, such as skill
development and meticulous planning, rather than administrative updates. Over 70%
of Sucafina’s shipping volume is now automated, covering planning information from
shipper’s letter of instruction to booking requests and track and trace events.

Figure 1: Shipping process before and after adopting digital solutions

Without Cargoo

Create,
Instructions Submit
plan,
via email Send details
review
Sucafina’s Origin Shipping
Customer Sucafina
system partners line

With Cargoo

Origin
partners

Complete
and confirm

Create,
Instructions Submit
plan,
via email details
review
Shipping
Customer Sucafina Cargoo
line

Interface

Sucafina’s
system

Source: Sucafina, 2024

“The use of standardised data elements across the board has led to a leaner approach to
shipping by reducing email exchange, cutting down processing time for shipments, and
allowing employees to focus on continuous improvement rather than administrative tasks.
This has enabled us to create a more efficient and trustworthy shipping process, benefitting
all stakeholders involved.”
Raphaelle Hemmerlin, Chief Transformation Officer, Sucafina SA

“As a long-term solution partner, we appreciate the opportunity to support Sucafina in

digitising their supplier facing workflows and ocean container transportation processes.
We are pleased that within a short time Sucafina reported 50% to 60% efficiency gains,
improved data accuracy and improved oversight of their processes. With the majority of
Sucafina’s shipping volume now automated, we look forward to further collaboration to
optimise their supply chain.”
Thomas Kofler, Chief Commercial Officer, Cargoo

Key Trade Documents and Data Elements on the Frontlines 15

 BHP
Simplifying operations and
enabling timely delivery with
electronic Bills of Lading
The opportunity
Streamline the logistics process and address the risk of delays,
inefficiencies, and errors
The reliance of courier services in the use of traditional Original Bill of Lading (OBL) can
cause delays in import customs clearances and result in late payments, particularly on
short voyages where timely documentation is critical. These issues may be exacerbated in
instances where OBLs require amendments following their issuance.

The solution
Implementing eBL solutions for iron ore shipments
BHP has implemented a third-party eBL solution for its iron ore shipments to streamline the logistics
process and address the risk of delays, inefficiencies, and errors commonly associated with
the use of traditional OBL. This solution is scalable, capable of handling larger volumes of eBLs
without increasing marginal costs, making it an efficient and sustainable choice for the future.

The impact
Same day turnaround instead of a week strengthened operational
efficiency, customer relationships and market reputation
Through the adoption of eBL, BHP has managed to overcome these challenges. In a recent
case, BHP, in cooperation with its customers, the banks, and shipowners managed to procure an
amendment to an issued eBL in less than 24 hours—a significant improvement over the traditional
method, which could take a week or more due to the need for physical document handling.
Immediate benefits of the eBL solution:
• Real-time amendments ensured accurate • Improved BHP’s operational efficiency
documentation at the destination port
• Enhanced customer satisfaction by
• Avoided delays in customs clearance meeting documentation needs promptly
and accurately
• Reduced turnaround time for document
amendments from potentially over a
week to just a few hours

“In a positive step towards trade digitalisation, we’ve seen significant momentum in the
adoption of electronic bills of lading (eBLs) across the bulk sector, and BHP is pleased to have
contributed towards BIMCO’s “25 by 25” campaign. The implementation of the eBL platform has
transformed our operational process. We can now make critical amendments quickly, ensuring
our customers receive the accurate documentation they need without delays. This has not
only improved our operational efficiency but also strengthened our customer relationships
and market reputation for our ability to fulfil customer orders in full, on time, every time.”
Chan Hui Ling, Vice President, Global Business Services for Order-To-Cash, BHP

Key Trade Documents and Data Elements on the Frontlines 16

 GSBN
Enhancing data
trustworthiness to unlock
trade finance opportunities
with tokenised electronic
Bills of Lading

The opportunity
Facilitate the sharing of trusted data to reduce shipping’s carbon
footprint and the trade finance gap
Global shipping volumes are forecasted to double by 2050, potentially increasing the shipping
industry’s share of greenhouse gas (GHG) emissions from 3% to 17%. Physical handovers of
shipping documents contribute a major yet unnecessary cause of GHG emissions. Many
shipping companies and their customers face unprecedented challenges in dealing with
carbon-intensive Original Bill of Lading (OBL) in an increasingly digital and disruption-
prone world. Meanwhile, the global trade finance gap grew to a record $2.5 trillion in 2022,
according to the Asian Development Bank (ADB). The heavy reliance on paper documents
for financing processes has hindered the sharing of trusted data, limiting participation from
entities that could serve the financial needs of SMEs.

The solution
Leveraging blockchain for reliable sharing of trustworthy shipping
data
GSBN addresses these challenges by leveraging blockchain technology to ensure reliable
sharing of trustworthy shipping data. By enabling the issuance of eBL over its blockchain
network, GSBN provides an immutable, verifiable source of truth that all stakeholders in the
global supply chain can trust.

The adoption of eBL has rapidly expanded across the maritime shipping sector, initially
with major container lines like COSCO Shipping Lines, OOCL, and Hapag Lloyd, and later
extending to bulk cargo shipping. In 2024, COSCO Shipping Bulk utilised eBL issued on GSBN
to transport over 1 million metric tons of commodities, serving key customers such as Yancoal
and Chinalco.

GSBN’s secure data sharing has also attracted interest from financial institutions like the Bank
of China that are exploring ways to leverage eBL data to bridge the global trade finance gap,
particularly benefitting SMEs.

In partnership with Ant Digital Technologies, GSBN has also begun tokenising eBL, facilitating
the securitisation of physical trade flows and enabling access to alternative financing
sources. This tokenisation initiative, recognised as a key use case under the Hong Kong
Monetary Authority’s Project Ensemble, allows eBLs to be traded and settled using advanced
financial networks supported by stablecoins, Central Bank Digital Currencies (CBDCs), or
tokenised deposits, thus unlocking new opportunities in the financial sector.

Key Trade Documents and Data Elements on the Frontlines 17

The impact
Extending working capital loan tenor while slashing CO2 emissions
To date, over 300,000 eBLs have been issued on GSBN with a total estimated cargo value of
$45 billion for over 14,000 companies engaged in global trade.

• Positive environmental impact: Based on a study conducted by SIA Partners, this volume
of eBLs issued over GSBN equates to an estimated 8,370 metric tons in CO2 savings.
This is equivalent to removing about 1,334 passenger vehicles from the road for a year,
based on an average annual emission of 4.6 metric tons of CO2 per vehicle (source: U.S.
Environmental Protection Agency—EPA).
• Increased financier confidence: Tokenising eBLs also makes warehouse financing easier.
Commodities shipped to import terminals are typically stored in a warehouse facility until
they are drawn upon for manufacturing needs. Having an eBL serve as the genesis token
and trusted representation of the physical cargo can give financiers greater confidence to
provide the necessary financing for the working capital needs of the consignee, instead of
relying on a traditional warehouse receipt.
• Improved working capital: By tokenising eBLs for warehouse financing, the loan duration
can be extended from the typical one month of transportation time to over six months,
providing more flexibility in the working capital of consignees.

“As the shipping industry sails towards a greener future, the journey to net zero is not just
about green alternative fuels but also about transforming the very fabric of trade through
digitalisation. The mass adoption of eBL can not only enhance data trustworthiness between
parties, but also offer novel commodity financing products to address the working capital
needs of SMEs engaged in global trade.”
Bertrand Chen, CEO, GSBN

Key Trade Documents and Data Elements on the Frontlines 18

 GLEIF, WaveBL and TradeGo
Integrating Legal Entity
Identifiers (LEI) and verifiable
LEIs (vLEI) into electronic
Bill of Lading platforms

The opportunity
Addressing identification challenges in a multi-party environment
eBL platforms face significant challenges in party identification due to the complexity of
international trade and the need for secure, reliable, and legally recognised processes.
Different actors in the trade ecosystem often use various regional or sector-specific standards
and protocols, complicating seamless identification, interoperability, and communication.
For eBLs to be legally recognised, the identification processes must meet stringent legal
requirements, ensuring that all parties involved in the endorsement process are accurately
verified and documented in a globally accepted process.

The solution
Enhancing security and reliability through standardised identifiers
WaveBL and TradeGo, two leading eBL platforms, are embedding the use of LEIs and vLEIs to
address these challenges. LEIs are unique identifiers for legal entities participating in financial
transactions, while vLEIs are verifiable, adding an extra layer of security. By pairing platform
digital identifiers with LEI data from the Global Legal Entity Identifier Foundation (GLEIF)
API, both platforms aim to support real-time, standardised, and interoperable identification,
enhancing trust across their networks.

The LEI field is used in the Digital Container Shipping Association (DCSA) and Baltic and
International Maritime Council (BIMCO) eBL standard for shippers, consignees, and notify
parties. Connecting this data on the eBL with the verifiable identity of counterparties adds
an additional layer of assurance for reliable identification of legal entities in transactions on
the platforms.

The impact
Streamlining processes and securing transactions for greater
efficiency and trust
The embedding of LEIs and the introduction of vLEIs is expected to significantly enhance
the security and reliability of platform digital identifiers and their pairing with LEIs.
Organisations can use vLEIs to prove their identity within the endorsement chain, ensuring
that only legitimate representatives can endorse these electronic transferable records. This
added layer of verification helps prevent fraud, increases accountability, and improves trust
among stakeholders.

A full implementation of LEIs and vLEIs on both WaveBL and TradeGo platforms is expected
to yield significant benefits:

Key Trade Documents and Data Elements on the Frontlines 19

• Streamlined onboarding processes: Leveraging GLEIF’s API has streamlined party
registration and network identification, reducing the onboarding process from three days
to three hours.
• Eliminating discrepancies: Accurate LEI-based identification of legal entities enhances
trust among stakeholders, including regulatory supervisors. Platform alignment with LEI
records reduces discrepancies by 100%.
• Enhanced security and transparency: Greater transparency across the shipping industry
is achieved through the use of globally accepted verification of platform digital identities,
offering a more secure and reliable digital document transfer.

“The integration of LEIs into our platform ensures the accuracy of digital identities,
enhancing trust and transparency within our network and sets the stage for platform
interoperability. As WaveBL is in search of a globally accepted standard, we have found
that the introduction of vLEIs could radically streamline this process by providing a trusted,
automated, and universally accepted solution for verifying companies’ digital identities
worldwide.”
Noam Rosenfeld, CEO, WaveBL

“We firmly believe that the optimal approach to interconnecting various eBL platforms may
not solely rely on a framework addressing technical and legal issues. Instead, it could be
achieved through an enterprise-level account system based on a unified ID. This account
system has the capability to generate and store diverse electronic documents and even
facilitate digital payments, effectively addressing the current challenges of interconnecting
eBL from a different perspective. Currently, vLEIs represent the best practice solution
for enterprise-level IDs on a global scale. TradeGo will closely collaborate with GLEIF to
continuously explore and experiment with vLEIs in various value scenarios in the future.”
Jason Yu, CEO, TradeGo

Key Trade Documents and Data Elements on the Frontlines 20

 Lloyds Bank
Reducing transaction time
with electronic Bills of Lading
and digital Promissory Notes
The opportunity
Digitalising traditional trade product offerings under a newly
revamped legal environment
Since the global trade landscape has shifted towards digitalisation, more and more
jurisdictions have responded by creating an enabling legal environment to facilitate the
trusted exchange of electronic transferable records. In 2023, the UK passed the Electronic
Trade Documents Act (ETDA), giving electronic documents of title the same legal treatment,
effects and functionality as their paper counterparts. This provided corporates, banks and
financial institutions with the opportunity to leverage BLs, Bills of Exchange and Promissory
Notes in electronic form to reduce costs, accelerate transaction timelines, whilst increasing
trade and access to trade finance.

The solution
Enhancing the documentary collection process with end-to-end
digitalisation
In April 2024, Lloyds Bank fully digitalised the eBL element of a transaction using WaveBL,
completing the first digital documentary collection for Paull’s Matting, an SME client. This
process included the issuance of both the eBL and a digital Promissory Note (dPN), The
graphic below shows the end-to-end process:

• The Mediterranean Shipping Company (MSC) issued an eBL on the WaveBL platform and
sent it to the Indian exporter.
• The exporter added supporting documents and transmitted them to the remitting bank,
Federal Bank in India.
• Federal Bank then replaced the application form with their collection schedule and sent
the documents to the presenting bank, Lloyds Bank.
• Lloyds Bank created a draft dPN using Enigio’s solution and sent it to the importer, Paull’s
Matting, for signing.
• Paull’s Matting accepted the payment obligation by signing the dPN, and Lloyds Bank
transmitted the eBL and supporting documents to Paull’s Matting, who then surrendered the
eBL to MSC on WaveBL platform, completing the digital process smoothly and efficiently.

“These digital trade solutions have already brought major benefits to our business. Not
only did it help complete the transaction faster, but we were able to spend less time on
paperwork and more time focusing on the day-to-day running of our operations—something
that’s really important to us as a family-run company that regularly trades with overseas
partners. Our thanks to the team at Lloyds Bank for their support throughout this process
and we look forward to utilising these digital solutions in the future.”
Douglas Paull, Director, Paull’s Matting

Key Trade Documents and Data Elements on the Frontlines 21

Figure 2: Process flow for Lloyds Bank’s first E2E digital collection using WaveBL
and Enigio
Classification: technologies
Confidential

Source: Lloyds Bank, 2024

The impact
Eliminated paper and reduced transaction time from 15 days to
under 24 hours
This comprehensive digital solution streamlined the trade process, benefitting all parties involved:

• The use of the eBL reduced transaction completion time from 15 days to under 24 hours,
significantly lowering costs, the environmental impact, and the risk of losing key papers.
• Couriering of physical documentation was reduced from six times to none.
• The dPN allowed Paull’s Matting to accept its payment obligation digitally, facilitating the
quicker release of the eBL by Lloyds Bank.

“Together, the eBL and the dPN have eradicated the need for any physical paper to change
hands. This has meant a faster transaction, which helps shorten parties’ working capital
cycles, with less risk, at lower cost and with significantly less admin for the businesses
involved. We’re looking forward to helping more companies take advantage of the significant
benefits digital trade offers.”
Rogier van Lammeren, Head of Trade and Working Capital Products, Lloyds Bank

“Documentary collections have offered importers and exporters a simple way to mitigate
payment and performance risk globally for many years, they are however overdue for
digitalisation. For these initial digital transactions we’ve seen marked benefits including
significant reduction in transaction time, removal of couriering physical documentation
and, for D/P transactions, the ability to create new financing opportunities that were not
viable in the paper world. As we grow out our digital collection offering we’re excited at the
prospect of our clients taking advantage of these benefits and embracing digitalisation of
this foundational trade solution.”
Surath Sengupta, Head of Trade Innovation and Transformation, Lloyds Bank

Key Trade Documents and Data Elements on the Frontlines 22

 CargoX
Helping freight forwarders
eliminate the need for paper

The opportunity
Overcoming logistical inefficiencies by replacing paper-based
trade document transfers
Traza Logistica, a leading international freight forwarding company with presence in
Argentina and Chile, faced significant challenges in managing the issuance and transfer
of FIATA Bills of Lading (FBLs). The traditional process—reliant on paper templates, printing,
and courier services—was not only time-consuming but also costly, particularly for recurring
shipments. As the company sought to streamline its operations and maintain a competitive
edge in the fast-paced logistics industry, the need for a more efficient, secure, and cost-
effective solution that adhered strictly to FIATA’s business rules became increasingly urgent.

The solution
Enhancing efficiency by adopting digital solutions for FIATA Bills of
Lading
To address these challenges, Traza Logistica adopted CargoX’s Blockchain Document
Transfer (BDT) platform, which offers a complimentary service for the drafting and issuance
of electronic FIATA Bills of Lading (eFBL). This digital solution allowed Traza Logistica to
eliminate paper-based templates entirely, enabling the company to draft and issue eFBLs
efficiently while ensuring full compliance with FIATA’s structured data requirements.

The CargoX Platform offers a straightforward, guided approach for entering the necessary
data for eFBLs, significantly simplifying the process. The ability to create templates from
existing eFBLs proved particularly valuable for recurring shipments, where only the quantities
vary. Additionally, the platform’s capability to transfer the document of title from one party to
another within seconds eliminated the need for costly and time-consuming courier services.
This not only allowed for quicker transfers but also provided a broader window for any
necessary post-issuance amendments, which could now be made before the documents
reached the parties involved, avoiding the delays and complications that previously occurred
when amendments were only discovered after receiving the paper copies.

The impact
Revolutionising logistics and reducing money and time cost
The transition to CargoX’s digital solution has delivered substantial benefits for
Traza Logistica:

• Cost reduction: The shift from paper-based FIATA BL forms to digital eFBLs has eliminated
paper and printing costs. Furthermore, sending costs have been reduced from over €50 in
courier fees to just €15.

Key Trade Documents and Data Elements on the Frontlines 23

• Time efficiency: Drafting a BL for recurring shipments now takes under two minutes with
the CargoX eFBL template—an 80-90% reduction from the previous 10-15 minutes spent
using Excel and printing. This improvement not only saves time but also minimises the risk
of delays, reducing potential demurrage costs at ports.
• Global reach and security: The ability to instantly transfer eFBLs globally ensures timely
document delivery, which is crucial for maintaining the efficiency of the shipping process
and avoid potential demurrage cost. The enhanced security of digital transfers also
improves the overall reliability of document handling, providing confidence and peace of
mind to all parties involved.

“In maritime shipping, time is money—and delays mean financial loss! Reducing the time
required to prepare, sign, and send documents is crucial for efficiency, as is ensuring
the timely delivery to avoid potential demurrage costs at the port. The shift to fully
digital issuance and instant global transfer of bills of lading, with enhanced security, is
revolutionising the industry.”
Peter Kern, VP Commercial, CargoX

Key Trade Documents and Data Elements on the Frontlines 24

B  igitalising commercial
D
documents and product-
related information

The digitalisation of commercial documents and product-related information is crucial for

ensuring accuracy, compliance, and speed in today’s fast-paced trade environment. At the
core of this transformation is the adoption of standardised data formats and the integration
of structured data across various documentation processes. By seamlessly linking different
documents into a cohesive digital workflow, companies can significantly reduce errors,
enhance compliance, and improve overall operational efficiency:

• Tata Steel: Implemented a blockchain- • Air8: Leveraged standardised templates

based system to issue and verify test for financial documents within a key
certificates, enhancing supply chain supply chain ecosystem, automating
integrity by linking certificates directly processes to streamline operations
to product data and reducing the risk of and facilitate faster lending decisions,
counterfeiting. particularly benefitting SMEs.

• Kanematsu Corporation: Digitised paper- • NeXTRADE: Aligned master data across

based import documents and adopted sales and procurement processes,
a structured data format, streamlining reducing errors, improving order
document management, reducing accuracy, and enhancing delivery
storage costs, and improving compliance performance, leading to significant time
and audit efficiency. and cost savings for food manufacturers
and retailers.
• Enigio: Transitioned to digital
documentation by standardising and
linking all trade documents across the
supply chain, reducing transaction times,
costs, and enhancing the security and
reliability of the documentation process.

These case studies collectively demonstrate that the successful digitalisation of commercial
documents and product-related information hinges on the intentional use of global standards
and structured data. By linking different documents and data elements into a cohesive digital
workflow, companies can achieve greater transparency, efficiency, and reliability in their
trade operations.

Key Trade Documents and Data Elements on the Frontlines 25

 Tata Steel
Digitalising test certificates
with blockchain innovation

The opportunity
Addressing the challenge of counterfeit tubes
Precision tubes are critical components used in applications such as boilers, where reliability
and safety are paramount. Tata Steel, a leading producer of these tubes, faced a significant
challenge with counterfeit products. The market saw more tubes sold under the “Tata
Brand” than the company actually produced. This discrepancy posed serious risks. Ensuring
traceability was crucial for addressing liabilities and taking corrective actions, but the
difficulty of marking tubes and the widespread distribution through various channels made it
easy for counterfeiters to forge or fake certificates. This situation undermined customer trust
and potentially jeopardised safety in critical applications. Tata Steel needed a robust solution
to ensure the authenticity of their products and maintain their reputation for quality.

The solution
Implementing secure and verifiable certificates
Tata Steel implemented a blockchain-based test certificate issuance system to combat
counterfeiting and enhance traceability. This innovative solution involved issuing and locking
certificates for the tubes into a blockchain, creating a secure and immutable record that
made it virtually impossible for counterfeit certificates to be created or altered. The system
was designed to integrate seamlessly with Tata Steel’s distribution network, ensuring that
authentic certificates could be verified by distributors and end customers.

The impact
Enhanced trust and traceability in the supply chain
The implementation of the blockchain-based test certificate system had a profound impact
on Tata Steel’s operations and stakeholder trust, offering several key benefits:

• Increased confidence and trust: Distributors could confidently verify that Tata Steel had
certified the material, reinforcing trust in the supply chain, while end customers were
protected from fraud, ensuring they received genuine Tata Steel products.
• Enhanced traceability and efficiency: The blockchain system allowed Tata Steel to quickly
trace materials and resolve any genuine claims efficiently, significantly reducing the time
and resources spent on resolving claims and disputes.
• Reduction in counterfeiting: The secure nature of blockchain significantly reduced the
occurrence of counterfeit products in the market, enhancing accountability and safety.
By adopting cutting-edge technology, Tata Steel positioned itself as a leader in innovation
within the steel industry, setting a new standard for quality control and reliability.

Key Trade Documents and Data Elements on the Frontlines 26

“Digitalising the test certificate process with blockchain technology has injected verifiable
trust into our supply chain, drastically reducing counterfeiting risks. This innovation enhances
traceability and sets new benchmarks for trust and reliability in the steel industry.”
Sarajit Jha, Chief Business Transformation Services and Digital, Tata Steel

Key Trade Documents and Data Elements on the Frontlines 27

 TradeWaltz and
Kanematsu Corporation
Moving import document
storage to the digital realm

The opportunity
Modernising traditional paper-based document storage
for enhanced data sharing and audit compliance
According to UNCTAD (2017), an average customs transaction involves 40 documents with
200 data elements (30 of which are repeated at least 30 times), indicating that 60–70%
of all data needs to be entered multiple times. For typical import transactions, eight to 10
documents are required, totaling 10 to 15 pages. In addition to the repetitive and cumbersome
processing work, importers must retain import documents for up to seven years for
retrospective inspections.

For major trading companies like Kanematsu Corporation, the urgency of digitising these
traditionally paper-formatted documents, including import permits, waybills, and invoices
necessary for customs clearance, becomes increasingly evident.

The solution
Leveraging blockchain and distributed ledger technology (DLT)
for import document storage
Kanematsu Corporation has taken the first step towards digitising trade since April 2024. The
company transitioned its paper-based import-related documents—such as import permits,
invoices, packing lists, and arrival notices—into digital formats by leveraging blockchain and
DLT, seamlessly integrating with Nippon Automated Cargo and Port Consolidated System to
receive import permits in structured data formats. This integration enables import permits to
be linked with other trade documents, transforming traditional paperwork into searchable
data elements that can be easily consolidated and transferred to stakeholders along the
supply chain. This facilitates real-time data sharing and status updates.

The impact
Reducing costs while boosting efficiency and compliance
• Substantially reduced labour costs associated with printing, filing and storing hundreds
of thousands of paper documents
• Minimised need for physical storage space and related fees
• Achieved higher level of compliance through collectively managed digital documents
• Streamlined document search processes for post-clearance audits by customs and
improved audit efficiency

Key Trade Documents and Data Elements on the Frontlines 28

Figure 3: Document-sharing before and after using centralised data management

Before After

Forwarder Kanematsu Forwarder Kanematsu

Source: Kanematsu, 2024

“We aim to digitise numerous paper documents subject to post-import investigations,

enhance efficiency, and strengthen compliance by leveraging TradeWaltz for centralised
data management and search capabilities linked with import permit data. Furthermore,
we plan to advance the digital transformation of our trade operations, including exports,
by digitally sharing this data with external partners in the next phase”
Kazuhiro Fukushima, General Manager of Transport and Insurance Department,
Kanematsu Corporation

Key Trade Documents and Data Elements on the Frontlines 29

 Enigio
Future-proofing document
exchange with minimal
friction

The challenge
Future-proofing trade finance operations in a diverse supply chain
A leading multinational corporation based in the Northern Hemisphere faced the challenge
of ensuring that its global trade operations remained efficient and secure in an increasingly
digital world. Despite having transitioned many internal processes to digital systems, the
company’s exchange of critical trade documents still relied on traditional paper methods.
This reliance on paper created delays, increased costs, and introduced risks, especially in
complex, multi-party transactions.

Recognising the need to modernise its approach to trade documentation, the company
sought a solution that could preserve the integrity and reliability of paper documents
while offering the speed and efficiency of digital processes. The goal was to implement
a system compliant with existing legal frameworks that could be easily adopted by all
supply chain participants.

The solution
Migrating document exchange to digital while preserving
user-friendliness and flexibility
To address these challenges, the company partnered with Enigio to digitalise its key trade
documents. Together, they created digital versions of essential trade documents used by
the corporation and its supply chain partners, including Shipping Instructions, Commercial
Invoices, Certificates of Origin, and more. These digital documents were designed to be both
human-readable and machine-processable (see Figure 4), ensuring easy verification and
seamless sharing across the supply chain.

Enigio focused on ensuring that the digital documents adhered to the KTDDE Framework,
which promotes consistency and interoperability across all involved parties. The collaboration
also prioritised making the transition as smooth as possible for all supply chain partners,
ensuring that no additional systems or complex integrations were required.

Through this approach, the company was able to digitalise a complete set of trade finance
documents, including Bills of Exchange, Letters of Credit (LC), and others. The digital
documents maintained all necessary legal attributes while embedding the relevant data
points, making them secure, verifiable, and easily transferable among partners.

Key Trade Documents and Data Elements on the Frontlines 30

The impact
Eliminating the need for paper while simplifying operations and
enhancing security
The shift to digital trade documents has delivered significant benefits for the company. By
eliminating the need for physical courier services, the company has reduced transaction
times and costs. The digital documents are easier to handle, verify, and share, leading to
smoother operations across the board.

• Reduced delays: Transactions are completed faster without waiting for courier services
which used to take one to four days each time documents need to travel between
counterparties.
• Cost savings: Managing digital documents is less expensive than handling paper.
• Simplified processes: The solution integrated seamlessly with the company’s existing
systems, requiring no major changes.
• Enhanced security: Documents are easily verified, reducing the risk of fraud or error.

Figure 4: Six layers of key trade documents by Enigio that suffice various needs

trace:original

6 layers of a trace:original document

1. Human readable content (PDF)
• Image or text written into the document
• Usually, OCRd
• Text data can be used for database searches
2. Machine readable content (structured data)
• Machine readable structured format e.g. YAML or XML
• Corresponding to content in PDF layer
3. Data standards (schema)
• Any standard, current and future
4. Attachments
• Other documents attached to the document
• Can be different formats, can be originals
• Can contain additional layers
5. Electronic signatures and seals
• Electronic signatures or seals added to the document to signify promise and provenance
• Can be verified with metadata from the signature provider
• Simple, advanced or qualified (eIDAS standard)
6. Blockchain possession and integrity tracing
• Cryptographic possession and references of document audit trail in public cryptographic ledger
• Makes document immutable, verifiable and fraud safe

Source: Enigio, 2024

“This is testament that Enigio’s trace:original is a solution for digitising all trade documents
with integrity, security and control, whilst adhering to ICC frameworks like the ICC KTDDE.
In addition, trace:original documents enable the document issuers to keep control of the
layout and design of their own documents.”
Patrik Zekkar, CEO, Enigio

Key Trade Documents and Data Elements on the Frontlines 31

 Air8
Digitalising and standardising
for faster lending to SMEs

The challenge
Widening trade finance gap and the high costs of scaling fintech
solutions
In the ADB Trade Finance Gaps, Growth and Jobs Survey (2023), it was revealed that the trade
finance gap—requests and approvals for financing to support imports and exports—had
widened to $2.5 trillion, with SMEs in developing markets continuing to be the most affected.
This is primarily due to low credit ratings and a lack of collateral for these SMEs when
borrowing from banks and other traditional financiers. For large labour-intensive exporting
countries, the consequences are detrimental, impacting both the domestic economy and the
global value chain.

Fintech companies have risen to tackle this issue. However, those operating across a global
footprint face challenges due to the variety of documents and templates, which significantly
hampers operational processes and incurs high communication costs both internally and
externally. The challenge, therefore, is to drive as much efficiency into the processes as
possible to improve service standards and lower operating costs.

The solution
Standardising transactions for scale and improving efficiency
in supply chain finance
Among supply chain finance fintech companies, Air8 has sought to scale and achieve
cost efficiency through digitalisation and standardisation of operational approaches. As
a fintech initiative under Li & Fung—a global supply chain orchestrator which offers end-
to-end services for all stakeholders in the consumer goods industry, Air8 has strategically
standardised their transactions within the Li & Fung ecosystem using a single template and
outsourced processing activities. The standardised format used by Li & Fung for invoices,
purchase memos, etc., greatly reduces the need for manual intervention, especially at the
onset of a new financing relationship within the ecosystem.

As the number of clients on e-commerce platforms grows, Air8 maps out their outreach and
connects with them via API. Since electronic points of sale (EPOS) and e-invoices on these
platforms are digitally native, the need for format recognition is eliminated, greatly improving
the overall turnaround time in processing transactions.

Air8 also relies on the Zhong Deng website in China for the electronic registration and
verification of receivables. This central repository is useful as a form of risk mitigation
against duplicate financing or fraud. The idea of a standardised digital central repository
with verifiable origins will be very valuable in driving commercial opportunities and funding
accessibility to markets.

Key Trade Documents and Data Elements on the Frontlines 32

The impact
Reduced transaction time and operational processes
Air8 conducted a study comparing transactions with standardised points of sale and invoices
(linked to Li & Fung) against non-standardised transactions (outside the Li & Fung ecosystem).
The results show significant differences in operational efficiency.

Standardisation:

• Refer-back count: Transactions outside the Li & Fung ecosystem had approximately
six times more refer-backs due to document discrepancies compared to Li & Fung
transactions, with 38% of transactions outside the Li & Fung ecosystem being referred
back versus only 6% for Li & Fung transactions.
• Average rounds of rectification: Transactions outside the Li & Fung ecosystem required
more rounds of rectification, averaging 2.3 rounds compared to one round for Li & Fung
transactions.

Digitalisation:

• Eliminating effort for data entry: Digitising paper invoices takes approximately 10 minutes
each. Eliminating this step could save 333 man-hours per month if 2,000 invoices are
processed, equating to the workload of two operational staff.
• Reducing time-to-money: The time gap between uploading trade documents and
availability for financing is eliminated with digital documents, improving the client
experience and reducing the time-to-money.
• Removing need for manual validation: Digital platforms save time by eliminating the need
to verify the authenticity of scanned or paper copies of orders and delivery statuses.
Validating points of sale and invoices takes approximately three minutes per transaction.
With 2,000 invoices processed monthly, 100 man-hours would be required for validation.

Figure 5: Transaction process with digitalised and standardised documents

S[#1] • ~6 times more likely to happen

S[#2] • Double the likelihood of repeat D[#2] • Half-day to one day delay for
rectifications clients to log back in
• Average 3X the time spent for
S[#3] rectifications

Document
User Submission
Rectification Finance Request

Document Check
AIR8 Genuineness
Digitization of
Genuineness of
Receivables
Disbursement
Operations Check
Document
Transaction
Approval

~ 40 Minutes

~ 3 Minutes ~ 10 Minutes
D[#3] • Saved for digitally native D[#1] • Saved for digitally native
documents (E.g. E-commerce) documents (E.g. E-commerce)

Source: Air8, 2024

Key Trade Documents and Data Elements on the Frontlines 33

“As a growing fintech, speed and efficiency are the name of the game. As Air8 scales its
international footprint, it becomes increasingly apparent that there is much to be desired
in the consistency and interoperability of document or data. We see potentially marked
difference in efficiency and user experience from digitalised transactions that we hope to
see replicated in the global trade scene. I am confident that Air8 will grow from strength to
strength as we ride on the coat tails of reputable international bodies such as ICC pushing
ahead with the standardisation and digitalisation agenda.”
Erik Kwok, Head of Technology and Operations, Air8

Key Trade Documents and Data Elements on the Frontlines 34

 NeXTRADE
Aligning master data in sales
and procurement

The challenge
Ensuring accurate data before order placement from retailer
to manufacturer
In the early 1990s, NeXTRADE faced the task of standardising and aligning company and
product data between a major national division of a global food manufacturer and two
major food retailers in Australia. The transition from paper and fax to Electronic Data
Interchange (EDI) revealed significant issues with the quality of existing digital records. There
were inaccuracies in company identification details, product data, and the application of
barcodes to physical products at both retail and trade levels.

The solution
Auditing master data and correcting misalignments
To address these challenges, NeXTRADE initiated a comprehensive data cleanup and
alignment process. The food manufacturer conducted an extensive audit of its product
master file and developed software and scanning tools to verify 1,200 warehouse items.
This audit uncovered significant misalignments, prompting an initiative to align barcoding
with product records and relabel items as necessary. NeXTRADE ensured that company
and product data, as well as barcode applications, were accurate before the first order was
placed. Additionally, they aligned customer buyer files with supplier seller files, traditionally
maintained manually from sales brochures, to streamline operations and reduce errors
throughout the supply chain.

Custom software was created to analyse three years of sales history, providing reconciliation
files to retailers who updated their records accordingly. Despite using different digital
standards and secure networks, the manufacturer developed customised software to
handle these variations. Once the data was clean and barcoding accurate, a test order
was processed flawlessly, allowing the new EDI system to go live. The digital EDI system ran
parallel with the paper-based system for 12 months, and within three months, it had proven its
superiority in accuracy and completeness.

The impact
Solid time and costs savings with improved delivery performance
The alignment of master data between the food manufacturer and retailers resulted in
tangible improvements:

• Time saving: Eliminating manual order correction efforts saves an estimated 10% on order
product number corrections.
• Optimised handling: Ensuring order accuracy reduces incorrect warehouse picks and
shipments, saving 15% on logistics costs due to fewer returns and double handling.

Key Trade Documents and Data Elements on the Frontlines 35

• Cash flow: Reducing discrepancies leads to significantly fewer unsettled invoices, lowering
administration costs by at least 10%.
• Delivery performance: Increasing the Delivery in Full on Time percentage by 20% through
reduced logistics errors and enhanced overall supply chain efficiency.

The EDI implementation between the major food manufacturer and retailers led to the need
for company and product data verification, ensuring accuracy and quality of product master
data and barcode applications, minimising errors and associated costs, and facilitating
smoother transactions and better collaboration.

Today, after three decades of centralised third-party solutions for trade master data
verification, the Web3.0 decentralisation approach, including artificial intelligence, offers
the possibility of verifying master data at the source. This data can be discoverable and
reused by authorised trading parties and authorities, ensuring continuous data integrity and
operational excellence.

Key Trade Documents and Data Elements on the Frontlines 36

C  igitalising cross-border
D
regulatory compliance

In the dynamic landscape of global trade, the ability to navigate cross-border regulatory
compliance efficiently is a key determinant of competitiveness. As trade barriers evolve and
markets become more interconnected, the public sector’s role in crafting enabling policies
and fostering digitalisation is crucial to ensuring that businesses—especially SMEs—can
thrive in this complex environment. By embracing standardised processes, leveraging digital
tools and partnering closely with the private sector, governments can streamline compliance,
reduce costs, and support the global competitiveness of their economies:

• ASEAN Single Window (ASW): Created • Roanoke Insurance Group: Digitalised

a unified platform for seamless customs bonds in the US market by
e-submission of cross-border regulatory integrating the bond filing process
documents across ASEAN member with major broker systems, reducing
states, enhancing legal compliance, processing times, eliminating redundant
interoperability, and economic benefits, data entry, and enhancing trade
particularly for SMEs. efficiency, benefitting importers and
customs brokers.
• Dubai Trade: Streamlined regulatory
compliance by transitioning to an • ACITI: Pioneered the concept of
automated digital system, integrating a modern Single Window system
key stakeholders into a Single Window for Australia by leveraging existing
platform, reducing time, cost, and supply chain data to automate
complexity, and boosting overall customs compliance, significantly
efficiency and competitiveness. reducing repetitive data entry and
offering substantial cost savings for
• DHL: Simplified cross-border trade for businesses, enhancing Australia’s trade
SMEs through AI-driven tools that optimise competitiveness.
pre-shipment planning, compare trade
lanes, and ensure adherence to licenses
and tariffs, leveling the playing field for
smaller businesses in global trade.

In conclusion, the digitalisation of cross-border regulatory compliance is not just a

technological upgrade—it is a strategic imperative driven by strong public sector leadership,
innovative private sector solutions, and a commitment to global standards. By creating an
environment where standardised processes and digital tools are embraced, governments and
businesses can work together to create more efficient, transparent, and competitive trade
systems that empower all participants, particularly SMEs, to thrive in the global marketplace.

Key Trade Documents and Data Elements on the Frontlines 37

 ASEAN Single Window
Integrating the National
Single Windows through the
harmonisation of technical
solutions, business processes,
and legal frameworks

The opportunity
Facilitate interoperability of data traditionally submitted in paper
forms at regional level
For a tightly integrated trading bloc, a digital platform harmonising business processes,
technical solutions, and legal frameworks has long been awaited. Given the volume and
frequency of transactions between ASEAN Member States (AMS), the traditional way of
obtaining, preparing, and submitting documents in paper forms to multiple places or systems
has incurred massive costs and time losses for traders. With National Single Windows (NSWs)
enabling e-submission of all documents at once, the ASW can facilitate interoperability of
these data at the regional level.

The solution
Combining technical protocols with global standards of electronic
documents
ASEAN has made collaborative efforts in standardising trade-related data and creating
uniform rules for more than a decade. The vision of building a platform—the ASW—for trade
information sharing across ASEAN was first initiated in 2005. It became fully operational when
all 10 AMS established their respective NSWs and were ready to connect the systems in 2019.

In its development, ASEAN has agreed on technical protocols for end-to-end business
processes through the ASW Steering Committee, which includes representatives from
all AMS. Regarding standardisation, the data format of each electronic document was
developed based on relevant standards developed by organisations such as the United
Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT), World Customs
Organization (WCO), and International Plant Protection Convention (IPPC), and was agreed
upon by all AMS before starting the exchange via the ASW. Legally, ASEAN signed the
Protocol on the Legal Framework to Implement the ASW in 2015, identifying the necessary
legal requirements to facilitate the exchange of electronic documents within the ASW
environment. This protocol was fully ratified by all AMS in 2017. Lastly, governments have
collectively promoted capacity building for customs officials and stakeholders to facilitate
the reform.

Key Trade Documents and Data Elements on the Frontlines 38

The impact
Saving of 6 million business operation days and $150 million in costs
All these efforts have led to a highly efficient cross-border paperless trade environment.

The current exchange covers: The on-going discussion includes:

• ASEAN Trade in Goods Agreement • Electronic Animal Health Certificate

(ATIGA) e-Form D through ASW, (e-AH), and
• ASEAN Customs Declaration Document • Electronic Food Safety Certificate (e-FS).
(ACDD) and
• Electronic Phytosanitary (e-Phyto) Certificates.

The list keeps expanding, and to date, ASW has significantly reduced transaction times and
costs for the private sector, streamlined processes, and encouraged greater utilisation of the
ATIGA. Over time, the number of ATIGA e-Form D submissions increased from 500,000 in 2019
to over 1 million in 2022, resulting in an estimated saving of 6 million business operation days
and cost savings of $150 million compared to using hard-copy documents.

Figure 6: Interaction among NSW, ASW, and other relevant authorities

National Regional National

ASEAN
National National
Single
Single Single
Window
Window Window
Network

Customs Transport Bank and Bank and Transport Customs

and OGAs community insurance insurance community and OGAs
agency agency

Source: ASEAN Secretariat, 2024

“In Indonesia, the ASEAN Single Window has primarily been used for the electronic exchange
of Certificate of Origin data under the ASEAN Trade-in Goods Agreement, replacing manual
documents. As global trade accelerates, this solution holds the potential to facilitate the
exchange of a broader range of trade documents. By simplifying trade administration
processes, the ASEAN Single Window will drive significant savings in cost, time, and energy.
Our goal is to expand the utilisation of this platform to encompass other trade documents
within ASEAN and various Free Trade Agreement schemes”.
Mr. Dedi Abdul Hadi, Deputy Director of Partnership Directorate, Indonesia National Single
Window Agency

Key Trade Documents and Data Elements on the Frontlines 39

 Dubai Trade
Revolutionising supply chain
efficiency with Trade+ digital
Delivery Orders

The opportunity
Enhancing Dubai’s status as a global trade hub and strengthening
Dubai’s competitiveness with cutting-edge digitalisation
Trade+, an advanced digital solution designed to streamline the issuance of Delivery
Orders (DO), is drastically reducing processing time and significantly boosting supply chain
efficiency. The Delivery Order is a pivotal document in the import process, officiating the
transfer of cargo ownership from carriers to Beneficial Cargo Owners (BCOs). Traditionally,
this process has been bogged down by manual steps ranging from authorisations, exchange
of documentation, to verification and payments—all of which are time-consuming and
prone to errors. According to the World Bank, the process can take anywhere from 4 to 48
hours, leading to costly delays and inefficiencies in trade. These inefficiencies risk negatively
impacting Dubai’s competitiveness as a trading hub leading to poor customer experiences.

The solution
End-to-end digitalisation with Trade+ (digital DO)
The Dubai Trade Single Window, the region’s leading single window platform for cross-border
trade and logistics solutions is hosting services operated by Trade+ —a groundbreaking
platform that fully digitalises the delivery order (DO) issuance process. This integration
ensures a frictionless customer experience, streamlining operations for all stakeholders in
local Sea and Air container shipments.

The customer journey is as follows:

1. Agents digitally submit the bill of lading 4. The digital delivery order (DDO) request
and invoice information. is verified and approved by the agent,
and a DDO is automatically generated,
2. A digital cargo arrival notice is instantly with information seamlessly passed
sent to the notifying party. to customs to process/expedite the
declaration process.
3. The user logs into the Dubai Trade
Single Window to use Trade+ services,
reviews bill of lading and invoice
charges, completes necessary details,
uploads documents, makes an online
payment, and receives instant payment
confirmation.

Key Trade Documents and Data Elements on the Frontlines 40

The impact
Trade+ streamlined operations leading to an 80% decrease
in processing time, benefitting shippers, shipping agents and
freight forwarders
TRADE+ with its digital delivery orders is a significant advancement for the trade & logistics
sector in Dubai ensuring transparency across the supply chain and streamlining processes
for all parties involved. Since its launch in 2020, over 47,000 companies and 467 agents have
been onboarded. With Trade+, the DO issuance process has significantly shortened from a
conventional nine step process to a much faster and simpler four step process.

The digital DO adoption rate exceeds 99%, with more than 65% of payments made digitally.
This has led to an 80% decrease in processing time. Furthermore, the platform has processed
invoices worth over 2 billion AED.

The environmental impact is significant as Trade+ has contributed to a reduction of 138,000

pounds of CO2 since its inception, based on the elimination of manual printing of delivery
orders alone.

Benefits for shipping agents and freight Benefits for BCOs:

forwarders:
• Instant payment confirmation on
• Convenient digital payment options Dubai Trade
• Elimination of manual verification for • Reduced payment processing time and
offline payments faster (digital) DO release
• Seamless document management • Enhanced shipment traceability

Figure 7: Efficiency enhancement with TRADE+ platform

Up to More than Over

80%
reduction in time
99%
digital DO adoption
65%
online payment
adoption

Over More than Over

AED 2 Bn 47k 467

Invoices presented Unique companies Agents onboarded

Source: Dubai Trade, 2024

“The TRADE+ (Digital Delivery Order) platform is a game-changer in the Trade and Logistics
sector in Dubai, driving unparalleled transparency, accountability, and competitiveness.
This digital innovation is an addition to our relentless commitment to revolutionising trade
through cutting-edge digitalisation, in perfect alignment with Dubai’s Economic Agenda D33.
By seamlessly integrating key supply chain stakeholders and streamlining operations through
our Single Window, we’ve not only amplified trade efficiencies but also played a pivotal role
in propelling Dubai’s non-oil foreign trade to new heights.”
Mohamed AbuHamra, Chief Operating Officer, Digital Technology, DP World GCC

Key Trade Documents and Data Elements on the Frontlines 41

 DHL
Simplifying cross-border
trade for SMEs

The opportunity
Addressing costly and complex information gathering for SMEs
entering global markets
For SMEs entering global trade, accessing information on foreign market requirements
can be both costly and complex. Many firms, lacking logistics and compliance resources,
resort to hiring additional labor or outsourcing, which increases costs and puts them at a
disadvantage. Information on export/import routes, estimated trade costs, and customs
requirements is often scattered and based on individual firm experiences. According to
the World Trade Report (2016), the difficulty in obtaining information on foreign market
regulations is a significant barrier for SMEs, especially in developing countries.

The solution
Leveraging artificial intelligence and machine learning to simplify
market requirements
DHL has addressed the challenge of facilitating trade by systematising information through
a digital platform. In June 2024, DHL upgraded its Trade Automated Service to the My
Global Trade Services platform (MyGTS), providing new features to assist businesses in
accessing new markets. MyGTS is an online self-service portal that allows users to easily
retrieve customs information to pre-plan shipments. It incorporates artificial intelligence
and machine learning to provide estimated duties/taxes, which are included in the landed
cost of different trade lanes. The platform also includes a “trade lane comparison” feature
that enables businesses to reference existing customs requirements between exporting and
importing countries or territories. This empowers companies to make well-informed decisions
when planning a market expansion strategy, maximising efficiency and helping them gain a
competitive advantage.

Furthermore, as part of DHL’s commitment to supporting SMEs in developing and least

developed countries, the company is running its DHL GoTrade initiative. Part of DHL GoTrade
activities is the provision of training on international trade, logistics requirements, customs
compliance, and eCommerce fundamentals. Since the launch of the initiative in 2020, more
than 6,300 SME entrepreneurs have already participated in such training sessions.

The impact
Empowering businesses with reliable information to define go-to-
market strategies
Systematising trade information has empowered SMEs to better compete in the global market
alongside larger companies. With trade lane comparison, businesses can identify routes
offering the most favourable import and export conditions, leading to potential cost savings
and increased profitability. The pre-shipment plan functionality, including HS code classification
options to users, reduces clicks by up to 50%, saving valuable time for fulfillment operations.

Key Trade Documents and Data Elements on the Frontlines 42

 For importers:
• Identify examples of import licenses or permits that may be required when sourcing
materials from different vendors.

For exporters:
• Stay informed about export and import customs requirements for products they wish to
ship to destination countries or territories.
• Define go-to-market strategies and strategically position themselves in new markets.

Overall:
• Aids in market penetration and reduces reliance on single-sourcing locations.
• Supports corporate globalisation trends, providing SMEs with tools to navigate overseas
markets and expand their international presence.

Figure 8: MyGTS overview and benefits

FOR INTERNAL USE

My Global Trade Service ( MyGTS)

www.dhl.com/express/mygts

My Global Trade Services

4

1 2 3

EVERYTHING YOU NEED FOR How was it done before?

CROSS -BORDER TRADE NOW ON
MY GLOBAL TRADE SERVICES • 20-year-old application called Trade Automated Service (TAS)
• Unsatisfactory user experience
• No AI Machine Learning to support classification of
products
Navigate
international trade
regulations in

227
countries and territories

Access to • Document templates

Reasons to use MyGTS : 4 types

• Import and export
requirements 5,169
• Landed costs
of trade content downloadable export and
#1: Calculate customs, duties & other fees • Tariff classification
import document
The Landed Cost Estimator helps to calculate the total cost of the shipment, including templates
the estimated duties, taxes and other regulatory fees.

#2: Get the right tariff codes for shipments Benefits for us and the customers
Tariff codes are essential for getting the shipment through customs. Our Tariff Code • MyGTS can be used by DHL stakeholders or our customers
Finder helps to identify the potential options of import and export tariff codes with a few • MyGTS enables users to be aware of estimated costs which can
clicks. help customers with their pricing plans and importing / exporting
decisions
#3: Understand import and export requirements
• Adobe analytics key metrics reporting is in place
Check individual export and import requirements. Reduces unwelcome surprises for
you and your customers • Market integration to investigate possible sales leads is active

Source: DHL, 2024

“Companies including SMEs are doing what they can to boost business resilience and global
presence. However, SMEs tend to be impeded by the intricacies of trade regulations and
processes, slowing down their expansion plans. The new trade lane comparison capability
helps SMEs enhance their understanding about customs requirements and landed cost. It
aligns with our commitment to providing innovative solutions to help SMEs lower major trade
barriers and become more confident in cross-border trade activities.”
Yung C. Ooi, Asia Pacific Senior Vice President for Commercial, DHL Express

Key Trade Documents and Data Elements on the Frontlines 43

 Roanoke Insurance Group Inc.
Enabling smooth compliance
with electronic customs bond
in the US market

The opportunity
Overcoming the challenge of harmonising metadata schemes and
public-private collaboration
While many countries have adopted customs bond systems and promoted e-bonds,
harmonising metadata schemes for sharing among the bond principal (importer), obligee
(customs), and surety (insurance company) remains a major hurdle. Additionally, fostering
collaboration between the public and private sectors is challenging. For example, the US
converted paper bonds to e-bonds in 2015, involving two systems: the US Customs and Border
Protection (CBP)’s Automated Commercial Environment (ACE) for bond submission, and
the bond issuing system managed by surety companies/surety agents. Due to the lack of
integration between these systems, brokers often face challenges in establishing a seamless
connection, resulting in redundant data entry and procedures.

The solution
Streamlining e-bond processes for brokers by facilitating more
efficient data exchange
Roanoke Insurance Group Inc. was instrumental in the development and deployment of
electronic customs bonds in 2015. By developing the bond issuing platform FastBond™,
Roanoke enabled customs brokers to file bonds electronically with response times measured
in seconds. To avoid unnecessary back-and-forth between systems, Roanoke integrated
FastBond™ with customs broker, facilitating efficient data exchange between brokers and
CBP. Roanoke collaborated with several major customs broker software to create seamless
integrations with FastBond™, eliminating the need for duplicate data entry.

The impact
Enhanced efficiency, reduced errors, and improved client retention
for customs brokers
The advantages to all stakeholders in the import process are significant and measurable.

• Seamless online bond management: US and Canadian customs brokers can issue
and manage various bonds online, streamlining the process and improving efficiency.
Integrating with customs broker software improves control over workflow, reduces data
errors, and allows seamless bond transactions.
• Simplified filing: Transitioning from paper to e-bonds in the US has made the bond filing
process faster and more efficient, aiding in the digitalisation of customs broker services
and improving customer experience for importers.

Key Trade Documents and Data Elements on the Frontlines 44

• Cost-effective risk mitigation: Annual customs continuous bond premiums are around
averaged $130 million annually between 2018-2002 per the Surety and Fidelity Association
of America. CBP reported in fiscal year 2023, US imports totalled $3.33 trillion that were
covered by customs bonds having estimated duties, taxes and fees totalling $92.3 billion.
These premiums are only 0.14% of estimated duties or 0.0039% of the value of imported
goods. In contrast, fees associated with a bank guarantee or letter of credit can range
between 0.75%—3.0% of the letter of credit amount per year, often requiring 100%
collateral, which restricts the importer’s cash availability.
• Efficient revenue collection: From 2020-2023, 73% of payments made to customs from
sureties covered duties, taxes, and fees. The bond system ensures the government collects
revenue even if an importer goes out of business, allowing immediate release of goods
from customs.

Figure 9: Three steps of an eBond transfer

1
Customs
Broker requests Surety
bond by approves
sending data bond and
to surety sends data
to customs

3
Steps
2
3
Customs accepts
bond and notifies
surety and
customs broker

Source: Roanoke, 2024

In a very simple illustration, the surety client (usually customs broker) enters/transmits bond
data to the surety/surety agent. The surety/surety agent sends the required data to CBP and
a response is sent back to the surety/surety agent from CBP.

“The development of eBond for customs bonds simplified the process of filing paper or PDF
bonds with CBP allowing our staff to better serve our clients. The paper-based process would
take weeks to have a bond processed. With eBond, we learn within minutes that the bond is
on file. “
Jennifer Rome (Vice President) and Colleen Clarke (Senior Vice President), Roanoke

Key Trade Documents and Data Elements on the Frontlines 45

 ACITI
Developing a Single Window
system for the 21st century
with KTDDE core data

The opportunity
Accelerating trade digitalisation to keep pace with trading
partners
The global shift towards digitalisation is evident as companies across the supply chain
adopt new technologies for faster and safer trade. Beyond these stakeholders, civil society
plays an indispensable role in driving progress and advocating for reshaping the future of
international trade. According to the World Economic Forum (2023), SMEs account for more
than 90% of businesses and over 50% of employment worldwide. However, their participation
in international trade is limited, with little influence on promoting changes that reverse
traditional practices. This reluctance to change stems from various internal and external
factors. For SMEs, it involves reallocating funds and restructuring business strategies. In many
countries, the environment may lack supportive legal frameworks, technical infrastructure,
and financial accessibility. Thus, the civil society aims to push for government capacity
building, providing the necessary conditions for SMEs to accelerate the transition.

One significant focus for many governments is establishing a Single Window system, allowing
individual data elements required for trade-related compliance to be submitted only once.

International organisations have worked on designing standards for this, with:

• The United Nations Economic Commission for Europe (UNECE) detailing the Single
Window concept in Recommendation 33;
• The Trade Facilitation and E-Business UN/CEFACT Business Requirements Specification
on Data Pipeline Carrier outlining and standardising the information entities of the Data
Pipeline Carrier, based on the Multi-Modal Transport Reference Data Model;
• The ICC DSI KTDDE initiative identifying the individual data elements required for 36 trade
processes and associated documents across the supply chain.

Despite the existence of these standards, a gap remains between the theoretical framework
and ground-level implementation. For instance, in the most recent survey on ease of
crossing the border in 2020, Australia ranked 106th globally, down from 27th a decade
earlier. The industry is concerned that Australia’s border-crossing procedures have not kept
pace with trading partners and are inconsistent with its commitments to trade facilitation
and digital economy approaches outlined in the WTO Trade Facilitation Agreement (TFA)
and various bilateral and regional trade agreements. In 2021, the Australian Government
created the Simplified Trade System Taskforce to address industry concerns and propose
reforms to enhance Australia’s international competitiveness. However, issues such as
coordination among government agencies and low SME access to the Single Window remain
unaddressed, as highlighted by the UN Global Survey on Digital and Sustainable Trade
Facilitation (2023).

Key Trade Documents and Data Elements on the Frontlines 46

The solution
Reusing data from supply chains to fulfill most customs
requirements automatically
Independent non-profit organisations like the Australian Centre for International Trade
and Investment (ACITI) are bridging this gap by providing research analysis and business
consultancy to both the government and companies. These organisations bring policy
insights and industry expertise closer to traders. For example, following the ICC DSI KTDDE’s
publication covering 36 key documents, ACITI conducted data analysis to make the findings
more accessible. They focused on the requirements of a customs declaration, identifying the
necessary data elements and their occurrence across the supply chain.

The results showed that:

• About 70% of the data elements are used by the government, and 30% are used
exclusively by the private sector.
• 77% of data elements needed for a customs declaration occur in the initial stages of
a commercial trade transaction.
• 17% of data elements are related to government-issued export/import licences or organic
certifications, obtained before the trade event begins. Including Certificates of Origin (issued by
the government or approved bodies). These account for 90% of the 77%. This has implications
for the “tell-us-once” approach required for Single Windows, as the data has already been
sought and acquired through government processes before the customs system is involved.
• 23% of the data elements needed for a customs declaration occur in the logistics stages
of the supply chain or direct engagement with customs processes, such as advanced
rulings, customs bonds, etc.

The impact
Reduced paperwork and preparation efforts could bring
thousands to millions in savings
As nations strive to implement or improve Single Window systems, the key question is: what
is the model for a Single Window in the 21st century? UNECE Recommendation 33 provides
guidance, stating that a Single Window is not merely an IT system but a system that “aims
to expedite and simplify information flows between trade and government and bring
meaningful gains to all parties involved in cross-border trade.”

The KTDDE initiative identifies the data elements and their locations within the supply chain,
supporting the creation of a data pipeline necessary for commercial transactions. This
approach eliminates the need for data to be repeatedly sought by government agencies and
commercial partners. Additionally, UN Recommendation 49, the UN Transparency Protocol,
offers a method for data to be “pulled” from its location within the common systems that
businesses use, rather than being “submitted” to a government agency or other user. Combining
the insights from KTDDE with UN Recommendation 49 offers a significant enhancement to the
vision of a Single Window fit for the 21st century where paperless trade becomes a reality.

Reduced paperwork and preparation efforts can translate into substantial savings for businesses.

• Smallholders in developing Asia could save approximately $1,000 to $2,000 annually by

reducing paperwork, associated labour, paper, printing, and courier fees.
• Regular traders handling around 10,000 containers annually could achieve cost savings of
up to $3 million per year ($300 per container).

Key Trade Documents and Data Elements on the Frontlines 47

“I can now see that the data I use for my initially commercial dealings—the contract,
purchase, order and invoice, that are resident in my accounting system—form the basis of
the data pipeline that allows me to automatically demonstrate compliance for all manner of
compliance requirements from payments through to tax compliance and beyond, without
the need to repetitively fill in forms and provide data.”
Bryan Clark, Director, Clark and Kealey Distilling Pty Ltd.

Key Trade Documents and Data Elements on the Frontlines 48

D  igitalising financial
D
services and fraud
prevention

In the fast-paced world of global trade, the digitalisation of financial services and the
implementation of robust fraud prevention mechanisms are crucial for ensuring secure,
efficient, and transparent transactions. As businesses increasingly rely on digital platforms
to manage trade finance and mitigate risks, the integration of innovative technologies and
standardised data has become essential for maintaining trust and competitiveness in the
financial ecosystem:

• Hong Kong Monetary Authority (HKMA): trade finance operations with HSBC
Developed the Commercial Data by using eBL under Letters of Credit
Interchange (CDI) to streamline loan (LC), reducing turnaround times and
approvals for SMEs by enabling secure, operational costs, with 46% of its total
consent-based data sharing, improving volume processed electronically by
speed, accuracy, and access to finance. September 2023.

• XDC Trade Network: Enhanced trade • MonetaGo: Developed a digital platform

finance liquidity in the India-UAE trade leveraging Legal Entity Identifiers (LEI)
corridor by implementing digital identities, to combat fraud in trade finance by
electronic promissory notes (ePN), Legal preventing duplicate financing and
Entity Identifiers (LEI), and the TradeTrust invoice fraud, significantly increasing trust
framework, addressing cash flow and efficiency in financial transactions.
challenges for Indian traders.
• Afreximbank: Developed the Africa
• ICICI Bank: Digitalised its trade finance Trade Gateway (ATG), a comprehensive
process/Letters of Credit (LC) lifecycle digital trade ecosystem that integrates
by leveraging many technologies. One key services and provides a secure
among them is Swift’s FileAct, a secure environment for cross-border
channel which streamlines movement of transactions, leveraging verified data
document from customer to bank and for supply chain finance and market
bank to customer. intelligence.

• Vale International and HSBC: Modernised

These case studies illustrate the transformative power of digitalisation in financial

services and fraud prevention. By embracing innovative technologies and standardising
data, financial institutions and businesses can achieve greater efficiency, security, and
transparency in trade finance, ultimately strengthening the global trade ecosystem and
ensuring sustained growth and competitiveness.

Key Trade Documents and Data Elements on the Frontlines 49

 Hong Kong Monetary Authority
and Commercial Data Interchange
Enhancing consent-based
data infrastructure to
streamline loan approval
for SMEs

The opportunity
Enhancing consent-based data infrastructure to facilitate trade
data sharing at scale
Lack of digital infrastructure has always been a significant hindrance to fulfilling the
digitisation of trade. In October 2022, the HKMA took the initiative to launch the CDI, a key
initiative under ‘Fintech 2025’ strategy, aimed at enhancing Hong Kong’s consent-based data
infrastructure. This infrastructure facilitates data sharing and opens up more opportunities
for fintech solutions.

Among all participants, Tradelink Electronic Commerce Limited (Tradelink), as an e-solution

and service provider for SMEs, is one of the beneficiaries through its partnership with CDI.
Tradelink’s major clients are SMEs, which have traditionally faced obstacles due to redundant
loan processes. This challenge is especially acute for SMEs competing in the same market
as big enterprises, which typically enjoy greater credibility with banks, thus receiving easier
access to financial services and liquidity. SMEs may find it difficult and time-consuming to
manually consolidate and submit supporting documents such as financial statements and
paper-based customs declarations to banks. Meanwhile, banks encounter challenges in
verifying the sources and authenticity of these documents.

The solution
Joining up digitalised trade declaration data with banks’ loan
assessment data needs
By joining CDI as a data provider, Tradelink—Hong Kong’s pioneering provider of Government
Electronic Trading Services—can securely share digitalised, standardised and structured
trade declaration data with banks, with the consent of its clients. This minimises the need for
SMEs to consolidate and submit paper-based supporting documents to banks. The digitalised
data from Tradelink provides banks with insights into the trade value and operational scale
of SMEs, enabling better understanding of their current operating conditions and business
prospects, thereby streamlining the loan approval process.

Key Trade Documents and Data Elements on the Frontlines 50

The impact
Reduced time required for loan approval from months or weeks
to days
• CDI has facilitated over 27,000 loan applications and reviews,
• Estimated credit approval amount exceeding HK$23.8 billion as of end of June 2024.
• Time required for loan approval has been reduced from months or weeks to days for SMEs.
• Empowered banks to make credit decisions using various types of alternative data,
minimising the need for loan collateral.
• Simplifies SMEs’ access to financing, further unlocking the potential of the Hong Kong
market.

“We are delighted to participate in HKMA’s CDI initiative, sharing our customers’ trade
declaration data with banks to facilitate loan services for SMEs that otherwise struggle to
access such services. We are pleased to witness the benefits this brings to our customers
and anticipate sharing more alternative data to create further value for the entire Hong
Kong trading community.”
Tommy Yuen, S.B.S. Chief Executive Officer-designate, Tradelink Electronic Commerce
Limited

“Applying for a loan through CDI makes documentation and processes much simpler, and
there is no need to provide collateral.”
Johnny Mak, Founder and CEO, KICKS CREW

Key Trade Documents and Data Elements on the Frontlines 51

 XDC Trade Network
Facilitating faster access
to trade finance liquidity
with digital identity and
digital Promissory Note

The opportunity
Improving cash flow and boosting trade volumes for traders
in the India-UAE corridor
Trade volume is on the rise after India and the UAE signed a contract for a trade corridor.
However, this deepened cooperation has not been well supported by faster digital
infrastructure. Typically, when a trader in Nashik, India, exports fruits and vegetables to
the UAE, the trader must pay local farmers upfront due to business requirements, while
the payment terms with the UAE buyer are 15 days from the shipment date. This creates a
cash flow gap and restricts the number of trades. Constantly using personal funds leads
to financial strain and reduced opportunities. The root cause of these issues is that the
movement of trade documents through couriers takes too long.

The solution
Adopting standardised digital documents, digital identity
and interoperable frameworks
XDC Trade Network has addressed this by adopting digital methods. XDC aligns with
UNCITRAL MLETR guidelines and offers a solution to create any trade document in a digitised
format recommended by the KTDDE Framework. It has partnered with Credore, an IT
infrastructure provider in India, to issue e-documents such as Promissory Notes, BLs, purchase
orders, commercial invoices, and shipment booking documents, etc. With this shared data,
XDC Trade Network creates a marketplace for shippers to present these trade documents
and seek trade finance. These presented documents can be verified over Singapore
Infocomm Media Development Authority’s (IMDA) TradeTrust and other registries by liquidity
providers. Additionally, using the LEI from GLEIF ensures instant verifiability of the companies
and decreases the risk of fraud and misidentification of the parties. Once the documents
are verified, the exchange of documents for trade finance is completed securely using a
regulated custodian.

Key Trade Documents and Data Elements on the Frontlines 52

The impact
Reduced transaction time to minutes on top of a more streamlined
and reliable KYC process
• Reduced transaction time: Traditionally, a physical paper-based Promissory Note would
take three to five days from instrument preparation to sending to the drawee and a few
more days to obtain the required trade finance. The 100% digital process has reduced the
movement of documents from days to a few minutes.
• Streamlined KYC process: Digital documents and LEIs enable quick and reliable
verification of company identities compared to days and even weeks previously with
paper documents from different countries, reducing fraud and ensuring transparency
for liquidity providers.
• Long-term benefits: Enhanced business volume and scalability between India and the
UAE, supporting faster cash flow and greater profitability for traders.

Figure 10: Trade process with digital methods

Financing Layer

Exporter Liquidity Provider Importer

BANK

Verify Transfer Verify third party data

Compliance and Data Verification Layer

ESG Data Shipping Data

Integrated with Banks and FIs Third Party Data Providers

Trade Documents

Documentation Layer (Meeting MLETR Requirements)

Chamber of Inspection
Exporter Carrier Port Importer
Commerce Authority

Source: XDC Trade Network, 2024

Key Trade Documents and Data Elements on the Frontlines 53

 Swift and ICICI Bank
Digitalising the Letter
of Credit

The opportunity
Modernising Letters of Credit (LC) process to provide seamless
services to clients
The LC process, a cornerstone of international trade, has long been encumbered by
complexities and resultant time outlay. Traditional paper-intensive processes have hindered
banks’ ability to provide seamless and instant services at times to their clients. ICICI Bank—a
leader in digital banking—recognised this challenge and embarked on a transformative
journey to digitalise the LC lifecycle.

Figure 11: LC digital data transfer in trade

Seller’s bank
8. Issuing bank pays to negotiating bank (advising /
Buyer’s bank negotiating
(issuing bank) 2. Issuing bank issues LC to advising bank bank)

6. Negotiating bank gives proof of

shipping to issuing bank

1. Buyer asks his 7. Bank collects 5. Seller submits 3. Advising bank

bank to issue money from proof of shipping notifies the seller
LC against sale buyer and gives to negotiating about the LC
contract him proof of bank
shipping

Agreement / PO / PI

Buyer Seller

(Import) (Export)
Goods delivered Shipping of goods
9. Buyer gives the 4. Seller sends the goods
shipment documents through the shipper and
to shipper and collects collects proof of shipping
the goods
Shipper

Source: Swift and ICICI Bank, 2024

Key Trade Documents and Data Elements on the Frontlines 54

The solution
Digitalising LC issuance process for enhanced efficiency
As a pioneer in digital banking in India, ICICI Bank is at the forefront of various initiatives.
ICICI Bank is one of the first banks in India to adopt innovative solutions to streamline
cross-border transactions.

In line with this commitment, ICICI Bank is digitalising its trade finance process by leveraging
many technologies. One among them is Swift’s FileAct, a secure channel which streamlines
movement of document from customer to bank and bank to customer.

The impact
Delivering greater value to clients while enhancing operational
excellence
By adopting an array of digital solutions for digitalising LC transactions as above, ICICI Bank
has been able to:

• Reduce turnaround times for LC • Improve transparency and record

document delivery to immediate, audit trails.
thereby improving service quality
• Enable clients to make faster execution
and client satisfaction.
of contracts and improve the working
• Lower operational costs through capital cycle.
streamlined digital processes.

“ICICI Bank has a rich legacy of leveraging the latest technology to bring in new paradigms
in cross-border banking. We have leveraged several technologies including Swift’s
FileAct to digitise and streamline the paper-intensive LC transactions. Collectively, these
initiatives have simplified our LC processes, reduced turnaround time and enhanced
customer experience. We believe these improvements are valuable contribution to making
international trade more efficient.”
Anubhuti Sanghai, Head Transaction Banking, ICICI Bank

“By harnessing Swift’s advanced infrastructure, defined by standardised messaging and

robust security protocols, the financial ecosystem can overcome traditional complexities
associated with the processing of Letters of Credit. Swift is dedicated to future-proofing the
industry, connecting institutions globally with secure and reliable data-sharing capabilities
and empowering banks to provide seamless trade finance solutions.”
Avanee Gokhale, Global Head, Trade Strategy, Swift

Key Trade Documents and Data Elements on the Frontlines 55

 Vale International and HSBC
Electronically presenting
Letters of Credit using
electronic Bills of Lading

The opportunity
Modernising trade finance for enhanced efficiency and cash flow
As a global mining leader, Vale aimed to digitalise their Documentary Credits (DCs) to
improve document security, operational and cash flow efficiencies. Based in Malaysia,
Vale’s Global Trade Finance handles all receivables related to documentary credit collection.
Recognising the need for safer documentation flow, quicker turnaround times and better
cash flow management, Vale sought a digital solution that could:

• Reduce exposure to risks related to letters • Bring clients to partake digital

of indemnity for both Vale and its clients. transformation through adoption of
electronic presentations (e.g., eUCP, eBL).
• Enhance processing speed to improve
cash flow management. • Meet regulatory requirements for
electronic transactions.
• Bring strong partnership with a global
bank experienced in digital platforms and
electronic presentations.

The solution
Digitalising DC transactions with electronic presentations
To overcome these challenges, Vale partnered with HSBC and other banks to implement
electronic presentation under DCs using ICE Digital Trade (IDT), formerly known as essDOCS.
Bringing clients and convincing buyers in adopting the new flow and navigating competitive
and regulatory landscapes were significant hurdles. However, a robust digital solution and a
strong partnership with HSBC ensured a smooth transition and successful implementation.

By September 2023, 46% of Vale’s LCs received were processed electronically. This shift not only
enhanced operational efficiency but also demonstrated the effectiveness and reliability of
innovative digital solutions.

Key Trade Documents and Data Elements on the Frontlines 56

The impact
Delivering enhanced efficiency and cash flow management
The adoption of digital solutions for Documentary Credit transactions provided Vale with
numerous benefits:

• Risk mitigation: lowered usage of letters • Faster payment processing: Reduced

of indemnity for discharge by 20% since turnaround times for payment cycles
2020. [from eight days to six days] significantly
and reduced time for banks to review and
• Paperless operations: By digitising
approve documents.
documents, electronic LC presentations
eliminate the need for physical • Faster payments: Enhanced liquidity that
paperwork. This reduces administrative improves cash flow and working capital
overhead and the environmental impact efficiency.
associated with paper use.
• Instant Transmission: Documents can
• Enhanced security: Reduced risk of be transmitted electronically in real-time,
tampering or loss with secure electronic eliminating the delays associated with
presentations which include security physical courier services.
features such as encryption and
• Customer Experience: improved customer
electronic signatures. This will protect and
experience with a faster turnaround time
help sensitive information to be kept well
on DC processes.
and authenticated.

“The digital transformation of our LC transactions has significantly improved cash flow and
operational efficiency. This partnership with HSBC has been instrumental in achieving our
digital adoption goals.”
Bruno Sales, Finance Services General Manager, Vale

“HSBC Global Trade Solutions has been instrumental in the end-to-end digitisation of
Documentary Credits globally. We are delighted to be a trusted partner for our clients,
supporting their digitisation ambitions and to bring efficiencies to their businesses.”
Venkatraman P, Managing Director, Head of Products and Propositions—Asia Pacific &
Global Head of Core Trade, GTS, HSBC

Key Trade Documents and Data Elements on the Frontlines 57

 AFREXIMBANK
Africa Trade Gateway (ATG)
—Empowering African
Trade under the African
Continental Free Trade
Agreement (AfCFTA)

The opportunity
Tackling trade fragmentation using digital tools
The African Continental Free Trade Agreement (AfCFTA) is a transformative initiative,
representing one of the largest free trade areas in the world, with a market of 1.4 billion
people and a combined GDP of $3.4 trillion, which could significantly reshape Africa’s trade
and economic landscape. It aims to unlock significant economic potential, increase Intra-
African trade, and position Africa as a key player in global commerce. However, to fully
realise these benefits, Africa must overcome key trade barriers such as fragmented markets,
complex trade processes, limited access to finance, and diverse regulatory environments.

For many African businesses, particularly SMEs, these challenges pose significant barriers to
engaging in cross-border trade. The need for unified and streamlined processes to reduce
costs, improve access to markets and financing has become increasingly critical. The Africa
Trade Gateway (ATG), developed by the African Export-Import Bank (Afreximbank) and in
collaboration with the AfCFTA, addresses these needs.

The solution
Streamlining trade: B2B commerce, due diligence, market
intelligence and access to financing
The ATG is a trusted trade ecosystem designed to support end-to-end trade transaction,
making it easier for commercial banks, their customers and other trading businesses across
and out of Africa to connect, trade, and grow. The ecosystem leverages comprehensive and
evolving digital trade-enabling products and services which include:

1. ATG for e-commerce (Africa Trade Exchange—ATEX)—a secure e-commerce solution

for businesses to access verified African and global suppliers, connect with financial
institutions for trade finance, and use secure payment and logistics solutions, ensuring
seamless transactions from start to help them navigate and benefit from the AfCFTA.

Key Trade Documents and Data Elements on the Frontlines 58

2. ATG for due diligence (MANSA Digital Intiative)—is the first Pan-African Centralised
Due Diligence Repository Platform supporting business counterparts to easily conduct
due diligence checks by providing a single source of verified primary KYC data on
African entities. Launched in 2020, the repository is exponentially growing with financial
institutions, corporates and SMEs heeding the call to get MANSA verified and access a
continuum of benefits. MANSA-verified entities are equipped with an Africa Entity Identifier
(AEI) code to leverage and facilitate trade across Africa and the rest of the world and
promote transaction and payment transparency.

3. ATG for market intelligence (TRADAR)—provides businesses with vital market insights,
including trade flows, investment opportunities, and regulatory information, empowering
them to make informed decisions, identify new opportunities, and strategically plan their
market expansion.

4. ATG for financing, investments, freight & logistics (ATG Connect)—serves as a

matchmaking hub, linking businesses with financiers, investors, logistics providers,
and contractors, thus facilitating efficient scaling of operations.

5. ATG for supply chain finance solution—Afreximbank Tradelink compliments the ATG and
enables SMEs to benefit from better financing terms by leveraging the creditworthiness of
large corporate buyers in partnership with Afreximbank and local banks, ensuring liquidity
and supporting business growth without cash flow constraints.

6. Digital solutions for payments—powered by the Pan African and Payment Settlement
System (PAPSS) to simplify cross-border payments by enabling instant transactions in
local currencies, reducing the complexities and costs for businesses to operate across
Africa’s diverse markets. It is designed to effect instant payments in local currencies and
use Central Banks or Commercial banks as settlement agents. PAPSS connects Central
Banks, commercial banks, payment services providers, and governments to streamline
intra-African trade, making it faster, more affordable, and more inclusive. Currently, the
PAPSS network includes 14 Central Banks, 11 switches, and over 130 commercial banks
across Africa.

The impact
Empowering more participants in trade
The ATG is transforming how trade is conducted across Africa by addressing key barriers to
intra-African trade and directly supporting the implementation of the AfCFTA. Its impact is
evident in several areas:

• Increased trade participation: By bringing together banks, importers, exporters and

other cross border businesses, the ATG enables African businesses to accelerate their
trading activities within the continent and with the rest of the world through simplified
trade processes and lowers barriers to entry particularly for SMEs to participate in cross
border trade.
• Enhanced market access: Tools like ATEX and TRADAR open new markets for African
businesses, aiding in their growth and diversification, which is crucial for driving economic
development across the continent.
• Improved financial inclusion: ATG connects businesses with a variety of financial
institutions and offers innovative trade finance solutions, addressing the critical challenge
of access to finance that has long hindered growth for African businesses.

Key Trade Documents and Data Elements on the Frontlines 59

• Streamlined trade processes: The digital solutions provided by ATG, such as MANSA
and PAPSS, reduce the time, cost, and complexity of conducting trade, enhancing the
competitiveness of African businesses on the global stage.
• Support for AfCFTA objectives: ATG plays a crucial role in enabling a more integrated
and efficient trade environment across Africa, empowering businesses to seize new
opportunities created by the AfCFTA and fostering economic integration.

“The ATG’s ‘one window’ approach is not just transforming trade processes; it is a strategic
move by Afreximbank to build a robust digital future, empowering commercial banks, their
clients (importers and exporters) and other cross-border trading entities to harness the
unprecedented market opportunities created by the AfCFTA fully. By simplifying interactions,
fostering trust, and reducing operational costs, we’re enabling more businesses to engage
effectively in cross-border trade and investment. Through the ATG, entities can register to
find deals, connect with financiers, and explore new markets seamlessly, thereby advancing
the future of Africa’s trade and economic landscape.”
Haytham El Maayergi, Executive Vice President, Afreximbank Global Trade Bank

Key Trade Documents and Data Elements on the Frontlines 60

 MonetaGo
Leveraging standardised
data points to alert
financiers of potential fraud

The challenge
Delivering tech-enabled, privacy-respecting data sharing to
prevent trade finance fraud
On a global scale, cases of fraud in trade finance are increasing, while limited solutions
and technologies exist to mitigate the risks in the early stages. In 2020 alone, reported trade
finance losses exceeded $10 billion due to fraudulent documents, collateral fraud, and
duplicate financing. Most efforts to tackle fraud have not been tailored to international, cross-
border risks but were designed for closed ecosystems that could only mitigate risk within
narrowly defined digital islands or domestic boundaries.

At the micro level, several challenges exacerbate the issue. First, data privacy restrictions
prevent financiers from legally sharing customer-related information, which complicates
the detection of duplicate financing fraud. Additionally, regulatory differences, internal
practices, and system capability disparities create fragmentation in document information
capture and processing. Because of the lack of standardisation, it is difficult for financial
institutions to agree on the metadata schematics associated with trade documents, leading
to inaccuracies and inefficiencies. Therefore, complex ecosystems and interbank systems
require an interoperable solution that can function with minimal user disruption.

The solution
Combining data standards with API connectivity and digital
identities
MonetaGo developed the first in-production utility for lenders to de-risk global trade finance
by leveraging these components:

• Transforming data: Leveraged KTDDE digital standards, UN/CEFACT and DCSA standards
for trade document schematics.
• Setting up for interoperability: Utilised OpenAPI 3.0 for efficient API connectivity, enabling
vast networks to understand and interact with each other.
• Standardised identity: Advocated for LEI and invested in W3C decentralised identifiers
specifications for future-proofing identity validation across regions.
• Build partnerships with lender networks: Partnered with organisations like SWIFT, enabling
the solution to reach over 11,000 financial institutions worldwide.

Key Trade Documents and Data Elements on the Frontlines 61

The impact
Accelerated transaction time through streamlined data exchange
on top of enhanced risk mitigation
Encryption, hashing, and confidential computing solutions have significantly mitigated
financing fraud. By facilitating ecosystem-level metadata comparison, MonetaGo has
increased transparency and trust in the financing process:

• The improved interoperability drastically reduces costs and streamlines data exchange.
Internal data negotiation time has been cut from six months to one week.
• Accurate fraud detection leads to better risk management, allowing financial institutions
to extend more credit and confidently enter new markets.

For example, India’s TReDS platform has achieved a 78%, as of June, Compound Annual
Growth Rate in financing value since 2018. Growing interest from ASEAN, FCI, Afreximbank,
and ADB will introduce digitised solutions into new markets, providing SMEs with greater
access to financing.

Figure 12: Secure financing transaction value in India during 2018 to 2024

Source: MonetaGo, 2024

Legend:
^2018-2021 transaction
values are estimated
based on actual invoice
volumes and 2022
average invoice values.
*Annualised based on
figures published by
Reserve Bank of India
until June 2024.

“There is substantial opportunity in the Indian trade and receivables market, and the
expanded, global connectivity and capability with MonetaGo’s Secure Financing system
will ensure the opportunity is not lost to fraudsters. The trade community has worked hard
to reduce risk, and this has allowed greater access to funding by MSME’s, a vital part of the
economic ecosystem, and critical to maintaining the ongoing expansion of the trade and
receivables market and year-on-year growth.”
Sundeep Mohindru, Promoter and Director, M1Xchange

“The proactive engagement of regulatory authorities in usage of MonetaGo’s interoperable

infrastructure will ensure trust among lenders and help promote a thriving invoice finance
(e.g. factoring, supply chain finance, asset-based lending) market locally. By mitigating fraud
risks whilst preserving confidentiality and privacy, and fostering confidence among lenders,
the proposed registry holds the promise of unlocking new avenues of financing for SMEs and
fuelling economic growth.”
Neal Harm, Secretary General, FCI

Key Trade Documents and Data Elements on the Frontlines 62

III  he journey to digital:
T
Lessons to date and a view
on the future

As businesses and public sector agencies across the globe embrace the digital
transformation of trade, several key lessons have emerged:

1. Digitalisation can start anywhere along the supply chain:

Digital transformation does not require a single, predefined starting point. Organisations
can initiate digitalisation in areas where they can quickly realise value, such as
automating manual tasks or enhancing customer-facing processes. Starting with “low-
hanging fruits” demonstrates quick benefits, builds momentum, and secures stakeholder
support for broader initiatives. For example, automating repetitive tasks not only provides
quick returns but also generates critical insights that inform subsequent phases of the
digital journey. The flexibility to start where value is most apparent allows organisations
to tailor their approach based on existing capabilities and immediate needs.

2. Implementation capabilities will likely be drawn from both internal and external
sources: Digitalisation is not a one-size-fits-all process, and often involves a mix of
internal and external resources. Organisations can choose from various strategies:
deploying off-the-shelf solutions for rapid scalability, developing proprietary systems
to address specific challenges, or partnering with technology providers to co-create
customised tools. The choice of strategy depends on factors such as the organisation’s
size, budget, technical expertise, and strategic goals. A nuanced understanding of
available options allows companies to align their digitalisation efforts with their overall
objectives, ensuring a more effective and sustainable transformation.

3. Leveraging standards is essential for long-term success:

Standardisation lays the foundation for scalable and sustainable digital ecosystems,
especially in complex, multi-stakeholder environments like global trade. Adopting
industry standards is crucial for achieving interoperability, reducing friction, and
ensuring seamless integration with partners, customers, and regulatory bodies.
Organisations that prioritise internationally recognised standards for key trade
documents and digital identity are more likely to streamline operations, enhance
security, and meet regulatory requirements. In the long run, this approach reduces
operational risks and equips organisations to adapt to future changes.

4. Success metrics should be tailored to specific needs:

Success in digitalisation varies based on the unique goals, capabilities, and challenges
of each organisation. Companies must establish success metrics that reflect
their specific context, whether it is improving delivery times, enhancing customer
satisfaction, or accelerating transaction speeds. While initial focus may not always
yield immediate economic gains, quantifying benefits helps internal stakeholders
understand and support the digital transformation. Tailored metrics ensure that
organisations capture the most relevant insights, enabling them to make informed
decisions and continuously refine their digital strategies.

Key Trade Documents and Data Elements on the Frontlines 63

5. Initial challenges are outweighed by long-term benefits:
The early stages of digitalisation often present significant challenges, such as
increased labour costs due to dual processes and substantial upfront investments
in technology and training. However, these challenges are outweighed by the long-
term benefits, including operational efficiency, cost savings, and the ability to offer a
broader range of services. Organisations that maintain a long-term perspective will
find that digitalisation not only streamlines processes but also enhances customer
satisfaction and competitive advantage. Over time, these benefits contribute to
sustained growth and innovation, making the initial hurdles worthwhile.

6. Benefits can come in unexpected ways:

While efficiency and cost reduction are primary drivers of digitalisation, the
journey often yields unexpected benefits that significantly enhance organisational
performance. For example, increased employee engagement can result from digital
tools that streamline routine tasks, allowing staff to focus on strategic and creative
work. Additionally, digitalisation can unlock new opportunities for innovation, enabling
companies to respond more quickly to market changes and customer demands.
These intangible benefits, though harder to quantify, are just as impactful as the more
measurable outcomes, contributing to a more dynamic and resilient organisation.

7. Iterative development and continuous learning will increase the gains over time:
Digital transformation is best approached as an ongoing process rather than a one-
time overhaul. Iterative development—starting with small, manageable projects—
allows organisations to test ideas, refine processes, and scale successful initiatives.
This phased approach reduces risk and fosters a culture of continuous learning
and improvement. As organisations adapt to changing market conditions and
technological advancements, they can build on their successes, expanding digital
capabilities and reaping greater rewards over time.

Key Trade Documents and Data Elements on the Frontlines 64

Turning lessons into action: A checklist for businesses
The seven lessons learned from digitalisation efforts across various industries provide a solid
foundation for companies looking to embark on or refine their digital transformation journey.

To help organisations translate these lessons into actionable steps, the following checklist
offers seven key actions that businesses should consider:

1. Identify areas with visible benefits: Where in your organisation can digitalisation
provide the most immediate and visible improvements?

2. Assess digitalisation options: Have you evaluated whether off-the-shelf, custom-built,

or hybrid solutions best align with your needs and strategic goals?

3. Start small: What small, manageable digitalisation projects can you implement to test
your approach and build momentum?

4. Leverage standards: Are you incorporating industry standards into your digitalisation
efforts from the beginning to ensure long-term success and interoperability?

5. Plan for initial challenges: What potential challenges might you face during the early
stages, and how will you address the coexistence of traditional and digital processes?

6. Define success metrics: What specific metrics will you use to measure the success of
your digitalisation efforts, considering your unique goals and challenges?

7. Anticipate intangible benefits: How might digitalisation enhance your organisation in

unexpected ways, such as employee engagement or new opportunities for innovation?

By addressing these questions, companies can ensure that their digital transformation
initiatives are not only aligned with their strategic goals but are also positioned to deliver
long-term value across the enterprise.

Key Trade Documents and Data Elements on the Frontlines 65

Self-assessment: How prepared are you for digital trade?
The checklist provided serves as a practical starting point for businesses to navigate the
complexities of digitalisation. However, to fully capitalise on the digital transformation,
companies need a more comprehensive self-assessment that goes beyond initial inquiries.

The following self-assessment framework is designed to help organisations evaluate their

readiness across four critical dimensions of trade digitalisation: availability, accessibility,
acceptability, and affordability.

What it means… Key questions to dive in…

Availability • Do you have access to essential digital tools like e-invoicing

systems and eBL?
Does your company
have the digital tools, • Are your current systems integrated with the necessary
infrastructure, and technologies?
human resources • Are there sufficient human resources to support your
needed for digital trade? digital adoption?

Accessibility • Can your digital systems easily interact with those of

partners and clients?
How easily can your
company and supply • Are employees trained and proficient in using these
chain partners access digital tools?
these digital solutions? • Can your digital solutions be accessed across all
geographical locations where you operate?

Acceptability • Do all stakeholders (employees, partners, customers)

support your digital initiatives?
Are digital solutions
accepted and adopted • How user-friendly are your digital tools?
by all affected • Are your digital solutions compliant with both international
stakeholders? and local regulations?

Affordability • Have you conducted a cost-benefit analysis of your

digitalisation efforts?
Is your digitalisation
effort cost-effective and • Do you have the necessary funding to support and sustain
sustainable? these efforts?
• Can your digital solutions be scaled as your company grows?

By systematically addressing these areas, businesses can take a structured approach to

evaluating their digital trade readiness and ensure that their digital transformation efforts are
both strategic and sustainable.

Key Trade Documents and Data Elements on the Frontlines 66

Current state of play: Ecosystem and stakeholders’ roles in
digital trade
In addition to assessing internal readiness, it is vital to understand the broader ecosystem and
the roles of various stakeholders in the digital trade landscape. Understanding the positions
and challenges of these stakeholders is essential to creating a cohesive and effective digital
trade ecosystem:

• Upstream firms, such as technology providers and financiers, are increasingly providing
the essential resources and technologies necessary for digitalisation. However, they face
significant challenges in ensuring that downstream companies are both aware of and
able to access their offerings. Market penetration is often limited by the reluctance or lack
of capacity among downstream firms to embrace digital solutions, highlighting a critical
opportunity in building awareness and scaling education.
• Downstream corporates, especially SMEs, stand to benefit immensely from digitalisation.
Yet, many of these companies remain unaware of the available resources and
technologies that could drive their digital transformation. This information asymmetry is
compounded by government inaction, where the absence of favourable policies, legal
frameworks, and investment support acts as a significant barrier. Additionally, the costs
and strategic shifts required for digitalisation deter many firms, particularly when the
benefits are not immediately clear.
• Multinational corporations (MNCs) are in a leadership position to drive digitalisation
within their supply chains. By setting precedents and adopting digital practices, MNCs
can influence smaller firms to follow suit, ensuring compatibility and coherence across the
supply chain. However, this influence is not always effectively leveraged, and smaller firms
may lag behind, creating disconnects within the supply chain.
• International organisations, NGOs, and consultancy firms play a critical role in spreading
awareness and providing technical assistance for digitalisation. Their impact, however,
depends heavily on effective collaboration with governments and the private sector.
Without a unified approach, the efforts of these organisations may be fragmented,
limiting their ability to drive widespread digital adoption.
• Governments have a pivotal role in facilitating digitalisation through the development of
supportive policies, financial incentives, and interoperable frameworks. Enabling policies
and investments in public infrastructures, coupled with effective partnership with private
sector players and international organisations can significantly accelerate impact.

Key Trade Documents and Data Elements on the Frontlines 67

A view on the future
The lessons learned from digitalisation initiatives on the frontlines highlight the importance
of flexibility in starting points, the need for tailored strategies, and the critical role of iterative
development and continuous learning. Leveraging industry standards and setting context-
specific success metrics are essential for long-term progress. While initial challenges
may be daunting, the long-term benefits—including operational efficiency, enhanced
competitiveness, and other intangible gains — are significant.

To fully capitalise on digitalisation, businesses must not only focus on their internal readiness
but also engage with the broader ecosystem. Upstream firms, downstream corporates,
MNCs, international organisations, and governments all have pivotal roles to play in creating
a cohesive and effective digital trade environment. For governments, this means continuing
to harmonise technical solutions, streamline legal frameworks, and invest in interoperable
public infrastructures. By aligning with the private sector and international bodies, the public
sector can drive smoother, more efficient cross-border trade, ensuring that digitalisation
efforts translate into tangible economic growth and competitiveness.

The path forward requires a unified approach where each actor not only contributes to but
also benefits from the collective advancement of the digital trade landscape. With concerted
efforts from both the public and private sectors, the full potential of digital trade can be
realised, driving growth, competitiveness, and resilience across global markets.

Key Trade Documents and Data Elements on the Frontlines 68

 Appendix 1—
Acknowledgements

ICC DSI is deeply grateful for the following organisations and teams who generously
contributed their insights and lessons which made this collection of case studies possible.
Their names are listed in alphabetical order below.

The Australian Centre for International Trade and Investment

(ACITI) is an independent not-for-profit, nonpartisan organisation.
It is dedicated to advancing Australia’s international economic
engagement by facilitating access to information, fostering networks
across business, government, academe, and civil society, and
undertaking and promoting research and analysis on trade and
investment issues of national importance. For more information,
please visit: www.aciti.org.au
Contributor: Bryan Clark

African Export-Import Bank (Afreximbank) is a Pan-African multilateral

financial institution mandated to finance and promote intra-and
extra-African trade. For 30 years, the Bank has been deploying
innovative structures to deliver financing solutions that support
the transformation of the structure of Africa’s trade, accelerating
industrialisation and intra-regional trade, thereby boosting economic
expansion in Africa. A stalwart supporter of the African Continental
Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-
African Payment and Settlement System (PAPSS) that was adopted
by the African Union (AU) as the payment and settlement platform
to underpin the implementation of the AfCFTA. For more information,
please visit: www.afreximbank.com
Contributors: Haytham El Maayergi, Annerose Ngemu

Air8, a digital venture of LFX Digital (an affiliate of global supply

chain manager Li & Fung), is an award-winning supply chain
finance platform that focuses on supporting SMEs. With a heritage
of industry experience spanning over a century, Air8 has a deep
understanding of the fashion and general merchandise sectors. Air8’s
vision is to empower SME exporters in emerging economies by
offering accessible financing and industry-specific insights to drive
sustainable growth. The Air8 team collaborates closely with suppliers,
buyers, and funders within its extensive global network. Since its
establishment in 2021, Air8 has provided financing to hundreds of
suppliers around the globe, with an annual GMV exceeding $1 billion.
For more information, please visit: www.air8.io
Contributors: Caleb Poon, Erik Kwok, Jerri Zhou, Kowin Chan

Key Trade Documents and Data Elements on the Frontlines 69

ASEAN Single Window is a regional initiative that connects the
Single Windows of ASEAN Member States, enabling the exchange
of electronic trade-related documents and expediting customs
clearance. For more information, please visit: www.asean.org/our-
communities/economic-community/asean-single-window
Contributor: Nitas Polachai

BHP is a leading global resources company with approximately

80,000 employees and contractors, primarily in Australia and the
Americas. BHP’s products are sold worldwide, and it is among the
world’s top producers of major commodities, including iron ore,
copper, nickel, and metallurgical coal. For more information, please
visit: www.bhp.com/climate
Contributors: Hui Ling Chan, Joseph Baculi, Heather Liu

Cargoo is a SaaS Ocean transportation platform where buyers invite

their supply chain stakeholders to collaborate, exchange information
and execute orders and shipments. Cargoo’s broad features and
deep functionality cover all parts of the ocean transport supply chain
including Procurement, Planning, Execution and Control Tower. For
more information, please visit: www.cargoo.com
Contributors: Paola Poulenard, Thomas Kofler

CargoX is one of the leading providers of blockchain-based

electronic trade document solutions, introducing trust in the digital
economy. The CargoX Platform for Blockchain Data Transfer (BDT)
is used to create, sign and transfer electronic trade documents,
and it facilitated the first blockchain-based electronic bill of lading
being used in practice. It is now used by 125,000 businesses and
organisations worldwide, who have used it to process more than 7
million documents. CargoX is actively collaborating on developing
future standards with major logistics organisations, including DCSA
and FIATA. For more information, please visit: www.cargox.io
Contributors: Peter Kern, Igor Dragar

Officially launched by the HKMA in October 2022, Commercial Data

Interchange is a consent-based financial data infrastructure that
aims to enable more efficient financial intermediation in the banking
system and enhance financial inclusion in Hong Kong. It has the
potential for solving long-standing pain points in the financial sector,
e.g. SME financing, and facilitating innovative usage of commercial
data to enhance financial services. For more information, please visit:
www.hkma.gov.hk/eng/key-functions/international-financial-centre/
fintech/research-and-applications/commercial-data-interchange
Contributors: Chi Wai Chung, Kin Ming Chan, Maggie Leung

Key Trade Documents and Data Elements on the Frontlines 70

DHL Group is the world’s leading logistic company. The Group
connects people and markets and is an enabler of global trade. It
aspires to be the first choice for customers, employees and investors
worldwide. To this end, DHL Group is focusing on growth in its
profitable core logistics businesses and accelerating the digital
transformation in all business divisions. The Group contributes to the
world through sustainable business practices, corporate citizenship
and environmental activities. By the year 2050, DHL Group aims to
achieve net-zero emissions logistics. For more information, please visit:
www.dhl.com/discover/en-sg/about-dhl/reports-and-press-releases/
mygts-your-gateway-to-easy-international-shipping
Contributors: Bee Cheng Ong, Gavin Conboy, Karthik Sekar,
Marcelo Godoy, Mei Sim Yap, Phaik Chen, Theresa Kronmueller,
Christoph Baumgarten

The Dubai Trade Single Window is the region’s leading single

window platform for cross-border trade and logistics solutions.
Dubai Trade is spearheading digital transformation with its suite
of innovative digital products ranging from cargo handling and
customs clearance services to supply chain solutions. As a result, it
majorly benefits the trade and logistics industry by improving the
ease of doing cross-border trade with the application of advanced
digital technology. Offering a diverse range of digital products
and services that contribute to trade and logistics efficiencies, its
single window platform caters to freight forwarders, hauliers, free
zone companies, clearing agents, airline and shipping agents, and
beneficial cargo owners. Over 180,000 companies utilise Dubai
Trade’s end-to-end trade and logistics digital ecosystem. More than
300 million transactions have been conducted since its inception with
the platform facilitating nearly 90,000 transactions daily. For more
information, please visit: www.dubaitrade.ae.
Contributor: Said Said

Enigio Enigio is a Stockholm-based technology company providing

the patented B2B SaaS technology trace:originalTM. trace:originalTM
is an interoperable solution for digitised original documents,
ensuring consistency, integrity, traceability and possession of digital
information. It is used for any type of commercial document required
in global trade. For more information, please visit: www.enigio.com
Contributor: Patrik Zekkar

Key Trade Documents and Data Elements on the Frontlines 71

Established by the Financial Stability Board in June 2014, the
Global Legal Entity Identifier Foundation (GLEIF) is a not-for-profit
organization created to support the implementation and use of the
Legal Entity Identifier (LEI) and its digital counterpart the verifiable
LEI (vLEI). GLEIF is headquartered in Basel, Switzerland. GLEIF’s
mission is to manage a network of global partners to provide trusted
services and open, reliable data for unique legal entity identification
worldwide. GLEIF makes available the technical infrastructure to
provide, via an open data license, online access to the full global LEI
database free of charge to users. GLEIF is overseen by the Regulatory
Oversight Committee, which is made up of representatives of public
authorities from across the globe. For more information, please visit:
www.gleif.org/en
Contributors: Clare Rowley, Xue Tan, Nuria Vegas, Adrian Ng,
Yanzhao Zhang

The Global Shipping Business Network (GSBN) is a neutral, not-for-

profit consortium whose mission is to enable paperless, accessible
and sustainable growth in global trade with its data infrastructure
and ecosystem of partners. GSBN facilitates trusted collaboration
between participants across the shipping industry to enable greater
efficiencies, and paperless trade as well as supporting the shipping
industry’s decarbonisation transition. GSBN’s ecosystem includes
shipping lines, terminals, banks, application developers and other
consortia. The entire network accounts for more than half of the
containers handled in the world. For more information, please visit:
www.gsbn.trade
Contributor: Bertrand Chen

The Hong Kong Monetary Authority (HKMA) is the government

authority in Hong Kong responsible for maintaining monetary and
banking stability. The HKMA’s four key functions are: maintaining
currency stability within the framework of the Linked Exchange Rate
System; promoting the stability and integrity of the financial system,
including the banking system; helping to maintain Hong Kong’s status
as an international financial centre, including the maintenance and
development of Hong Kong’s financial infrastructure; and managing
the Exchange Fund. For more information, please visit:
www.hkma.gov.hk/eng
Contributors: Chi Wai Chung, Kin Ming Chan, Maggie Leung

HSBC Holdings plc, the parent company of HSBC, is headquartered

in London. HSBC serves customers worldwide from offices in 60
countries and territories. With assets of US$2,975bn on 30 June 2024,
HSBC is one of the world’s largest banking and financial services
organisations. For more information, please visit: www.hsbc.com
Contributors: Bhupendra Jagdev, Tze Tze Lee

ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a

leading private sector bank in India. The Bank’s total assets stood at
₹18,92,697 crore at June 30, 2024. For more information, please visit:
www.icicibank.com

Key Trade Documents and Data Elements on the Frontlines 72

 Kanematsu Corporation, established in 1889, is engaged in trading in
various kinds of commercial products, production of traded goods,
investment in businesses, provision of related services centered on
five segments, ICT Solutions, Electronics & Devices, Foods, Meat &
Grain, Steel, Materials & Plant, and Motor Vehicles & Aerospace. For
more information, please visit: www.kanematsu.co.jp/en
Contributor: Yasuhide Ikai

Lloyds Bank is proud to support more than one million UK businesses

with leading digital and relationship banking services, including
as they start up, grow, thrive and trade internationally. Through
a network of relationship teams based across the UK, as well as
internationally, Lloyds Bank delivers a mix of local understanding
and global expertise necessary to provide long-term support
to its clients to help them fulfil their growth aspirations. The bank
offers a broad range of finance beyond term lending and this
spans import and export trade finance, structured and asset
finance, securitisation facilities and capital market funding. Its
product specialists provide bespoke financial services and solutions,
including tailored cash management, international trade, treasury
and risk management services. For more information, please visit:
www.lloydsbank.com
Contributor: Jon Boran

MonetaGo is a provider of best-in-class fraud detection and

prevention solutions. Its Secure Financing systems enables banks,
traditional financiers, non-bank financial institutions, fintechs, and
trade finance funds to check for duplication and authentication
of financing requests linked to invoices, bills of lading, air waybills,
warehouse receipts, purchase orders, and other trade-related
documents. Since entering full production in 2018, Secure Financing
has processed millions of transactions and has been integrated into
Swift’s API-enabled infrastructure as the first third-party service on
Swift, providing its member institutions with an important tool to
combat duplicate financing fraud in trade and supply chain finance.
Secure Financing is available to all financiers globally via Swift, API,
web-based UI and partners. For more information, please visit:
www.monetago.com
Contributors: Jialing Chia, Matt Stapleton, Neil Shonhard,
Oswald Kuyler

NeXTRADE aims to reduce poverty and make the world a better

place by ensuring that MSMEs, SMEs, and emerging economies are
included and digitally visible in global supply chains. Through its
Global Supply Chain Digital Network, NeXTRADE leverages advanced
technologies and international trade facilitation standards to promote
TM
inclusive international trade for all. The network provides end-to-end
digital transparency and trust at scale, supporting ESG and UNSDG
mandates and obligations. For more information, please visit:
www.nextradeworld.com
Contributor: Ian Watt

Key Trade Documents and Data Elements on the Frontlines 73

Roanoke Insurance Group Inc. is a specialty insurance broker focused
on surety bond and insurance solutions for logistics service providers,
customs brokers, and companies managing supply chains. Founded
in 1935, Roanoke was the first provider of customs import bonds and
the first appointed ATA Carnet provider in the United States. Roanoke
has decades of partnership with the trade community as a trusted
provider of insurance, surety bonds, ATA Carnet products, and
specialty services. For more information, please visit:
www.roanokegroup.com
Contributors: Colleen Clarke, Jennifer Rome, Matt Zehner

SUCAFINA is one of the leading coffee trade houses in the world.

Founded in 1977 in the city of Geneva, Switzerland, it’s entirely
focused on coffee and remains a family company with a strong
entrepreneurial culture and an eye for value. With the purpose of
creating opportunities to improve lives, Sucafina’s vision is to be
the leading sustainable Farm to Roaster company in the world.
This vision and purpose are being achieved through Adaptability,
Entrepreneurship, Expertise, Humility, Integrity and Passion which
make up the core values of Sucafina. For more information, please
visit: www.sucafina.com/apac
Contributors: Mohamad Alaiti, Raphaelle Hemmerlin

Swift is a global member-owned cooperative and the world’s

leading provider of secure financial messaging services. We
provide our community with a platform for messaging, standards
for communicating and we offer products and services to facilitate
access and integration; identification, analysis and regulatory
compliance. Our messaging platform, products and services connect
more than 11,000 banking and securities organisations, market
infrastructures and corporate customers in more than 200 countries
and territories. Whilst Swift does not hold funds or manage accounts
on behalf of customers, we enable our global community of users to
communicate securely, exchanging standardised financial messages
in a reliable way, thereby facilitating global and local financial flows,
and supporting trade and commerce all around the world.
Contributors: Gokhale Avanee, Valdezate Morejon Esther,
Duval Xavier, Tan Yanfang

Founded by Jamsetji Nusserwanji Tata in 1868 and headquartered in

India, the Tata group is a global business conglomerate, operating in
over 100 countries across 6 continents. From an early foray into steel
and automobiles to staying abreast of the latest technologies, the
Tata group today has a strong presence across diverse industries,
such as agrochemicals, automotive, chemicals, construction, finance,
consumer products, and hospitality.
Contributors: Sanjay Sahni, Sarajit Jha, Sudeep Banerjee

Key Trade Documents and Data Elements on the Frontlines 74

TradeGo Pte. Ltd., headquartered in Singapore, is dedicated to
building the digital service platform “TradeGo” for international
commodity trade. With a blockchain architecture as its foundation,
the platform addresses the authenticity and efficiency issues in
international trade, providing efficient and reliable transaction
services for the industry stakeholders along the supply chain. Through
the platform, we provide three main solutions for paperless trade,
digital bunkering and electronic signature of contract, which are
respectively TradeDocs (IGP&I approved), BunkerGo (MPA whitelisted)
and TradeSign. For more information, please visit: www.tradego.com
Contributors: Bing Li, Min Liu, Yinzhi Geng, Yingjiao Yu, Wuyu Zhao

TradeWaltz Inc. provides and operates TradeWaltz, a SaaS platform

for cross-industry trade information collaboration. Powered by
blockchain technology, TradeWaltz enables secure, integrated
management of trade transaction data, resulting in a 44% to 60%
improvement in business efficiency. With an ambition to connect
with overseas platforms, we aim to establish TradeWaltz as a key B2B
information hub in Asia. For more information, please visit:
www.tradewaltz.com/en
Contributor: Munetoshi Yamada

Vale is a global mining company that exists to improve life and

transform the future together. One of the world’s leading producers
of iron ore and nickel and a major copper producer, Vale is
headquartered in Brazil and operates around the world. Its operations
comprise integrated logistics systems, including approximately 2,000
kilometers of railways, marine terminals and 10 ports distributed
around the globe. Vale has the ambition to be recognised by society
as a benchmark in safety, the best-in-class reliable operator, a talent-
driven organisation, a leader in sustainable mining, and a reference in
creating and sharing value. For more information, please visit:
www.vale.com
Contributor: Bruno Sales

WaveBL is the leading platform for digitizing electronic trade

documents, offering a blockchain based innovative solution for
the global trade industry. Focusing on accuracy, security, and
interoperability, WaveBL is transforming the way the supply chain
handles trade documentation. For more information, please visit:
www.wavebl.com
Contributor: Boaz Lessem Adv.

XDC Trade Network uses innovative technologies to enable cross-

border trade document movement more efficiently with increased
transparency and provide for trade finance. Our digital solution helps
the trade participants to create any trade document meeting the
requirements of MLETR with data standards as prescribed by ICC DSI.
These digital trade documents are shared, endorsed, verified, and
even title transferred for raising trade finance at a reduced cost. For
more information, please visit: www.xdctrade.network
Contributors: Lingraj Mahanand, Sunil Senapati

Key Trade Documents and Data Elements on the Frontlines 75

The International Chamber of Commerce The ICC Digital Standards Initiative (DSI)
(ICC) is the institutional representative of aims to accelerate the development of
more than 45 million companies in over a globally harmonised, digitised trade
170 countries. ICC’s core mission is to environment, as a key enabler of dynamic,
make business work for everyone, every sustainable, inclusive growth. We engage
day, everywhere. Through a unique mix the public sector to progress regulatory and
of advocacy, solutions and standard institutional reform, and mobilise the private
setting, we promote international trade, sector on adoption, implementation and
responsible business conduct and a global capacity building.
approach to regulation, in addition to
providing market-leading dispute resolution
services. Our members include many of the
world’s leading companies, SMEs, business
associations and local chambers
of commerce.

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