First digital shipment from UK to SE Asia
An international consortium of companies from the logistics and transport industry, including Singapore Airlines, NG Transport, Woodland Group and many more, has announced the world’s first fully digitalised cross-border goods movement. This is built on the UK electronic trade documents act (ETDA) which came into force on 20 September 2023. The initiative was facilitated by the British Chamber of Commerce in Singapore.
The electronic trade and logistics documents were captured on an enterprise-grade permissioned distributed ledger technology (DLT) platform, across both jurisdictions.
At the origin of the shipment was Fort Vale, a manufacturer of valves, couplers, and other fittings for the transport of bulk liquids and chemicals. These components play an important role in developing Singapore's manufacturing industry. The reduction in paperwork is projected to be >85%, the processing time will reduce by nearly 90%. (mk)