Singapore's Infocomm Media Development Authority
("IMDA"), the Monetary Authority of
Singapore ("MAS") and the Financial
Services Regulatory Authority ("FSRA")
of Abu Dhabi Global Market ("ADGM"), in
collaboration with commercial partners DBS Bank, Emirates NBD and
Standard Chartered, have successfully concluded the world's
first cross-border digital trade financing pilot of its kind.
The pilot used IMDA's TradeTrust framework to facilitate the
transfer of electronic records between jurisdictions that have
adopted the United Nations Commission on International Trade Law
(UNCITRAL) Model Law on Electronic Transferable Records
("MLETR"). This harmonises the legal
recognition of digital documents such as electronic bills of lading
("eBLs") across both jurisdictions, and
complements the larger global trade movement by the G7 economies on
adopting electronic transferable records in international
trade.
