SHENZHEN, China, Nov. 12, 2021 /PRNewswire/ -- Shenzhen Commercial Bureau, Singapore's Ministry of Communications and Information (MCI), and Infocomm Media Development Authority (IMDA) have announced four new memoranda of understandings (MoUs) and detailed the early achievements of the first phase of China (Shenzhen)-Singapore Smart City Initiative (SCI). Linklogis have contributed to the SCI's paperless cross-border trade service project in the first phase, strengthening digital connectivity to grow the bilateral digital economy.
The pilot project of paperless cross-border trade service aims to achieve mutual recognition of electronic trade documents such as the electronic Bill of Lading for seamless cross-border trade transactions. Linklogis took the initiative with 14 participants, including DBS, Standard Chartered Bank, Bank of Communication, China Construction Bank, PIL, TradeTrust, and GUUD.
The paperless cross-border trade service project benefits exporters, importers, banks, insurance companies, shipping lines, carriers, ports, and many other parties in trade finance. Take an exporter from Shenzhen and an importer in Singapore for example. After making shipment of goods, the exporter uploads e-Bill of Lading (eBL) generated by TradeTrust to Linklogis Doc.Ex, which verifies its authenticity and transfers the title to exporter bank on the blockchain. All relevant documents, including invoices, will be bundled and submitted electronically to the exporter's bank in Shenzhen. Like the exporter, the exporter bank can validate the eBL through TradeTrust, transfer its ownership on the blockchain, and submit documents to the importer's bank in Singapore. The process in document transmission, eBL verification, and title transfer is completed online, shortening the time needed in settlement from 10-15 days in traditional Letter of Credit (L/C) flow to 1 day, ensuring high transparency and reducing the time manual error and transaction costs by 30%.
James Li, the CEO of Linklogis International, said, "We believe the paperless cross-border trade service project provides powerful and inclusive cross-border electronic document transmission capabilities, promotes innovative development of international trade in the long run."
According to public information, Linklogis is China's leading supply chain finance technology solution provider, aiming to redefine and transform supply chain finance through technology and innovation. Linklogis was listed on the HKEX in April 2021, stock code 9959.HK, as the first listed China supply chain finance technology SaaS enterprise. Linklogis have been dedicated to creating a lasting positive environmental, social, and governance (ESG) impact on its customers, partners, and the broader community of participants in the supply chain finance ecosystem.
Linklogis integrates ESG considerations into its product and growth decision-making. While traditional supply chain finance processes typically involve a significant amount of paperwork as well as tedious manual processing, Linklogis have designed its technology solutions to be digital and cloud-native - this not only allows its customers and partners to go paperless with significantly reduced carbon footprint but also enables more streamlined and traceable workflows to drive long-term efficiency, transparency and productivity.
