Project

A. General Information

1. Title

Singapore-India Digital Trade Corridor

2. Status of the project
Operating
3. Implementation period of the project/service:
From
Aug-2023
To
--
4. Website
https://www.tradetrust.io/
5. Geographical coverage
Bilateral
Participating countries: India, Singapore
6. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
IMDA (Singapore), MTI (Singapore), NITI Aayog (India)
Other participating agencies/entities
Enterprise Singapore
b. Operational stage
Lead agencies/entities (op)
IMDA (Singapore), DBS Bank (Singapore), ICICI Bank (India), A.P. Moller-Maersk
Other participating agencies/entities (op)
Maptrasco, Jindal Stainless, GUUD, SGTraDex, EdgeVerve
7. Main stakeholders/beneficiaries of the project
Traders (big enterprises)
Traders (SMEs)
Transport
Customs brokers
Customs
Other Government Agencies (OGAs)
Banks, Financial institutions, Shipping carriers, Technology providers
8. Business process category of the project
Commercial Transactions
Forwarding and cargo handling
Payment
Trade finance, Electronic documentation

B. Lessons Learned

9. Summary description of the project/service
Brief Summary

Bilateral digital trade corridor enabling paperless cross-border transactions between Singapore and India using TradeTrust blockchain framework. Launched August 2023, it facilitates interoperable electronic Bills of Lading (eBLs) and Letter of Credit processing between banks (DBS, ICICI) and traders

a. Objective(s)

Enable interoperable electronic Bills of Lading (eBLs) backed Letter of Credit transactions between Singapore and Indian banks and companies, paving the way to digital cross-border trade. The corridor aims to make international trade easier, faster and cheaper, especially for SMEs.

b. Business need for the project (background)

Cross-border trade finance is largely paper-based and vulnerable to fraud. Only 1.2% of bills of lading are issued electronically globally due to platform limitations and lack of interoperability. Paper-based processes create delays, increased costs, and fraud risks. Traditional document handling takes weeks, causing cash flow constraints for traders.

c. Business process covered*

- Electronic Bill of Lading (eBL) issuance and transfer
- Letter of Credit (L/C) processing under trade finance
- Title ownership transfer via blockchain
- Digital document verification and authentication
- Inter-bank document exchange
- Cargo release and delivery order issuance

d. Overall architecture and functionalities*

TradeTrust Framework: Blockchain-powered open-source framework using Ethereum, Polygon, Stability, and XDC networks. Uses NFTs for secure ETR ownership transfers. Complies with UNCITRAL MLETR requirements (singularity, exclusive control, integrity).

Integration flow:
1. Carrier issues eBL via TradeTrust portal
2. Exporter transfers title ownership to presenting bank
3. SGTraDex platform enables inter-bank transfer
4. ICICI TradeChain (EdgeVerve/Finacle, TradeTrust-enabled by GUUD) receives eBL
5. Title transferred to importer, eBL surrendered to carrier
6. Electronic Delivery Order issued

Key components: TradeTrust portal, SGTraDex, ICICI TradeChain, GUUD TFAP

e. Relevant document/figure
10. Documents and data exchanged via the project

- Electronic Bill of Lading (eBL)
- Letter of Credit (L/C)
- Trade finance documents per L/C terms
- Electronic Delivery Order (DO)
- Supporting trade documentation

11. Data models/databases, proprietary solutions, hybrid approaches

- TradeTrust open-source framework (https://github.com/TradeTrust)
- UNCITRAL MLETR-compliant Electronic Transferable Records
- Blockchain-based NFT token standard for title ownership
- Singapore Electronic Transactions Act (ETA) 2021
- eUCP (Uniform Customs and Practice for Documentary Credits)

12. Main challenges faced during the project

- Achieving interoperability between different platforms (SGTraDex, ICICI TradeChain, TradeTrust portal)
- Legal recognition of eBLs across jurisdictions (India not yet fully MLETR-compliant, at Stage 2)
- India's Merchant Shipping Act 2025 enables eBLs but awaits regulatory execution
- Coordination between government agencies and private sector across two countries
- Building confidence in digital documents among traditional traders
- P&I Club insurance coverage for eBL transactions

13. Lessons learned from the project

- Government-to-government coordination (IMDA-NITI Aayog) essential for cross-border digital trade
- Public-private partnership model (combining government agencies with banks and carriers) accelerates adoption
- Open-source framework enables flexibility and platform interoperability
- First live transaction demonstrated G20 High-Level Principles on Digitalisation applicability
- TradeTrust Model Terms (March 2025) by Watson Farley & Williams address legal interoperability
- Recognition as Digital Public Good by UN-endorsed DPGA validates framework credibility

14. Main benefit(s) of the project
Enhanced regulatory compliance*
Transaction Cost savings*
Transaction Time savings
Simplified process
Increased trade flow
14A. Elaborations/detailed description on benefits gained
--
15. Technical/financial/capacity building/other assistance

IMDA provides TradeTrust as free open-source digital utility. Enterprise Singapore supported the pilot. GUUD provides Trade Finance Application Platform (TFAP) integration. Watson Farley & Williams provided legal framework (Model Terms, March 2025).

16. Future plan for expansion of the project

- Commercialisation at scale across the region (DBS commitment)
- Extension to other trade documents: Certificates of Origin, SPS certificates, promissory notes
- Expansion to other MLETR-compliant jurisdictions
- Integration with Singapore-China and Singapore-Abu Dhabi corridors
- India-Singapore Green and Digital Shipping Corridor
- Digital cooperation under Comprehensive Strategic Partnership

17. Other information or relevant references on the project
--
18. Relevant document regarding the project
tradetrust_factsheet.pdf
guidance_notes_for_tradetrust_model_terms.pdf

C. Relevant Standards

19. Name(s) of any international, national legal instrument underpinning the project
- UNCITRAL Model Law on Electronic Transferable Records (MLETR) 2017
- Singapore Electronic Transactions Act (ETA) 2021 amendment
- India Merchant Shipping Act 2025 (Stage 2 MLETR)
- G20 High-Level Principles on Digitalisation of Trade Documents
- eUCP (Uniform Customs and Practice for Documentary Credits)
- TradeTrust Model Terms (Watson Farley & Williams, March 2025)
- International Group of P&I Clubs approval framework
20. Electronic message standard
20A. Electronic message standard supporting the project
XML:
- Other XML format: TradeTrust open-source components, JSON-based document format, Blockchain transaction records
20B. Type of standard for electronic message applied for the project
International standard
21. Technical communication standard
21A. Technical communication standard supporting the project
HTTP
21B. Type of technical communication standard applied for the project
International standard
22. Security-related standards*
22A. Security-related standard supporting the project
TLS (Transport Layer Security) / SSL (Secure Socket Layer)
Payload (message) encryption (text security)
Digital signatures
22B. Type of security-related standard applied for the project
International standard
23. Other Technical Information
23A. Interface developed for data exchange with an internal system
23A. Interface for data exchange - TradeTrust Portal API
- SGTraDex integration interface
- ICICI TradeChain (EdgeVerve/Finacle) API
- GUUD TFAP platform connector
- Public blockchain network interfaces
23B. Other technical implementation information
Open-source code: https://github.com/TradeTrust
Supported blockchains: Ethereum, Polygon, Stability, XDC
Framework: Decentralized (no central authority)
QR code feature for paper-to-digital switching
11 banks onboarded via GUUD TFAP since 2019