IMDA aims to reduce paper trail in maritime sector amidst electronic bills push

Digital trade platforms and shipping firms can obtain funding support for adopting TradeTrust under the TradeTrust Readiness Programme.

The Infocomm Media Development Authority (IMDA) has launched the TradeTrust Readiness Programme to help maritime companies adopt electronic Bills of Lading (eBLs), IMDA said.

The 12-month programme runs until March 2027 and is open to digital trade platforms (DTPs) and shipping carriers where the lead applicant must be a Singapore-registered enterprise, with international partners eligible to participate.

Participants receive funding after completing TradeTrust integration, carrying out at least three live eBL transactions across platforms, and connecting with another TradeTrust-enabled system, IMDA said.

Four TradeTrust-enabled platforms—AEOTrade, BlockPeer, Credore™, and SGTraDex—received approval from the International Group of Protection and Indemnity Clubs, giving eBLs the same legal status as paper documents for insured maritime trade, IMDA added.

At the TradeTrust Partner Awards, over 50 partners were recognised, including nine TradeTrust Champions that embedded the framework into operations across multiple trade lanes.

A demonstration showed carriers, exporters, importers, and banks transacting across five platforms in four countries, showing interoperability, IMDA said.

IMDA said the programme aims to reduce platform fragmentation and increase adoption of digital trade in Singapore’s maritime sector.