Paperless Trade Finance Within Reach
(16 October 2023 – United Kingdom) In the push to drag global trade and supply chain finance into the digital age, initiatives from industry bodies, governments and financial institutions are starting to gain traction.
The FIT Alliance has announced a commitment to the development and promotion of an electronic and universal bill of lading standard. Launched as the ‘Declaration of the electronic Bill of Lading’ (eBL), by the FIT Alliance, the aim of the declaration is to secure commitment from all stakeholders in international trade to collaborate on driving digitalisation, starting with eBLs, within their industries.
The UK passed the Electronic Trade Documents Act (ETDA) in September, giving digital trade documents such as bills of lading the same legal standing as their traditional paper counterparts as a result of the legislative shift.
“More than the UK and Singapore are involved in global trade. It is still very important that other countries follow as well. It is also a massive push to create awareness of the possibilities of electronically exchanging documentation that relate to shipping” commented DCSA Head of Digital Trade, Niels Nuyens.
What is the level of awareness among large corporates in global markets of recent law changes enabling digital transfer of documents like the UK Electronic Trade Documents law?
East & Partners latest Global Insight Report in partnership with T3i presents exclusive voice of the customer insights from the Top 100 revenue ranked corporates in each of eight countries including Australia, China, Germany, Hong Kong, Singapore, the UAE, UK and USA (N = 747).
“Awareness and understanding of new digital documentary processes varies significantly by country with over one in five corporates globally unsure what impact the law changes will have, ranging from as a high as 43 percent among digital laggards to as low as two percent for digital leaders” stated East & Partners Global Head of Markets Analysis, Martin Smith.
"As the digital trade shift gathers pace the analysis reveals not all markets are created equal. With awareness of digital document law changes lagging in several geographies, how will corporates avoid being left behind their peers in markets leaping ahead on digital enablement?"
Contact East & Partners for research access.
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