Thailand’s Joint Standing Committee of Commerce, Industry and Banking (JSCCIB) is developing a trade finance platform with NTT Data, a Japanese systems integration firm, that will cater to business-to-business (B2B) clients. The Committee revealed that a blockchain technology trial has been recently completed.

Blockchain for Business

According to Global Trade Review, the JSCCIB has been working with NTT Data to study the “feasibility and benefits” of a blockchain platform that will serve multiple industries as part of Thailand’s National Digital Trade Platform (NDTP) initiative.

Spearheaded by JSCCIB, the NDTP initiative is aimed at building a digital B2B trade platform, with the Thai government urging private companies to join the project, which is a part of the national agenda.

The digital platform will be connected to trade platforms in other Southeast Asian countries to promote regional trade, with plans to initially link the NDTP to Singapore’s Networked Trade Platform (NTP).

NTT Data disclosed that it has carried out blockchain trials with 47 participants from 24 companies, including freight forwarders, exporters, financial institutions, insurers from Thailand, and a Japanese importer. 

During the trial, trade documents — from invoices, shipping instructions, purchase orders, and sea waybills to export permits, certificates of origin, and insurance policies — were sent using the blockchain trade platform and artificial intelligence, with results showing that documents were processed 60% faster compared to traditional methods. 

Enhancing the Efficiency of International Trade

Nattapon Dejvitak, head of business requirements working group at JSCCIB, revealed that the “single integrated digital platform” was able to connect stakeholders and enable the exchange of information with more efficiency.

“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.”

Source: https://www.gtreview.com

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