DBS partners with Maptrasco to finish the first eBL transaction between India and Singapore

The first "live" electronic Bill of Lading (eBL) transaction for goods between Singapore and India was completed, according to a statement from DBS in collaboration with commodities trader Maptrasco. Businesses in Singapore and India can now engage in the TradeTrust network with the use of their preferred TradeTrust-enabled platforms, enabling the digital trade financing of live shipments of goods between the two nations, starting with this initial shipment.

The transaction was implemented under the TradeTrust framework, an initiative by the Infocomm Media Development Authority (IMDA) and supported by Enterprise Singapore. Companies keen on executing eBLs in digital Letter of Credit transactions can reach out to DBS, said the company in its statement. The project leverages the United Nations Model Law for Electronic Transferable Records and aims to drive cross-border document and title exchanges.

The successful transaction ushers in a new chapter of more efficient, and interoperable digital bills of lading and is a key milestone in the digital transformation of trade financing, said DBS bank in a press release. “The successful live transaction between Singapore and India is a first step towards a truly digital trade corridor between the two nations,” said Lim Soon Chong, Group Head of Global Transaction Services, DBS.

Pawan Khaitan, Founder and Chairman of Khaitan International Pte Ltd and Maptrasco said, “The implementation of electronic bills of lading, in partnership with DBS, The implementation of electronic bills of lading, in partnership with DBS, has helped to improve efficiency, reduce operating costs, and significantly speed up transaction times.” Bills of lading are essential documents in shipping and logistics, representing legal proof of ownership of goods in transit, as well as receipt of goods. Globally, only about 1.2% of bills of lading are issued electronically due to limitations in platforms that are not interoperable or use differing rulebooks and standards, which makes scalability challenging.