Thailand has completed a blockchain trial for its national trade platform, conducted by the Joint Standing Committee of Commerce, Industry and Banking (JSCCIB) in collaboration with NTT Data, a Japanese tech firm.
It has been analyzed that the B2B platform is part of Thailand’s National Digital Trade Platform project headed by the JSCCIB. The blockchain platform will be linked with other trade platforms in ASEAN to share digitized trade documents in the region.
Thailand trials blockchain to boost cross-border trade#NDTP National Digital Trade Platform#JSCCIB#Infoblaze #SoutheastAsia #Thailand #Business #CorssBorderTrade #Tech #Blockchain Via https://t.co/XiZB7KhPjI https://t.co/nEdt1ItDZD pic.twitter.com/sJkl9h3PXl — Infoblaze Southeast Asia (@infoblazesea) November 19, 2019
However, the National Digital Trade Platform project was launched after the government called for collaboration from all Thai sectors to develop a digital platform. 24 companies, including banks, exporters, insurers and freight forwarders participated in the trial for exchanging trade documents such as export permits, purchase orders, invoices, insurance policies and invoices using AI and blockchain.
The trial results showed the platform reduced document processing time by 60% and prevented fraud as well as double financing.
Nattapon Dejvitak, the Head of a working group under the standing committee, stated:
“We found it is a single integrated digital platform that connects all parties and enables the exchange of trade-related data and document digitally. The time and cost of export and import will be reduced dramatically, the risk of financial fraud will be mitigated, and the process of logistic and insurance arrangement will be streamlined through the platform.” Nattapon Dejvitak
Once completed, the Thai blockchain trade platform will be connected with Singapore’s Networked Trade Platform (NTP), which is backed by the Singaporean government.
Likewise, the NTP digitizes the trade process and brings the entire trade ecosystem together.
Thus, The NTP recently launched Trade Finance Compliance to address trade finance obstacles in Asia, such as a lack of reliable data and trade fraud risks.