A. General Information
Thailand’s JSCCIB pilots blockchain-based National Digital Trade Platform (NDTP)
B. Lessons Learned
The blockchain-based NDTP is a pilot project, led by the private sector, that aims to digitize trade processes and documents such as purchase orders, invoices, and bills of lading to speed up imports and exports and improve SMEs' access to trade finance in the Asia-Pacific region.
The aim of NDTP is to digitize the trade process to speed up imports and exports and improve access to trade finance for SMEs. It’s a private sector project run by three trade associations, the Thai Bankers Association, the Federation of Thai Industries and the Board of Trade. The government has involvement through the Office of the Public Sector Development Commission.
The first phase of NDTP involves digitizing various trade documents, such as purchase orders, invoices and packing lists using UN/CEFACT standards and transport documents, such as bills of lading and seaway bills.
The authenticity of documents used on NDTP is verified because NDTP has been integrated with Thailand’s Trade Document Registry (TDR), which went live early this year, allowing banks to check for double financing of trade documents.
Thailand’s main payment system operation, the National ITMX Company, developed and operates phase 1 of the NDTP platform. Baker McKenzie Thailand is responsible for the legal aspects. The first banks to participate on the network are Bangkok Bank, Bank of Ayudhya, Kasikorn Bank, Krungthai Bank, Siam Commercial Bank, and TMB Thanachart.
The authenticity of documents used on NDTP is verified because NDTP has been integrated with Thailand’s Trade Document Registry (TDR), which went live early this year, allowing banks to check for double financing of trade documents.
The first phase of NDTP involves digitizing various trade documents, such as purchase orders, invoices and packing lists using UN/CEFACT standards and transport documents, such as bills of lading and seaway bills.
https://youtu.be/vIjcKyDlmAA