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Thai Government Gets Industry Help With Digital Platform

Fintech Affiliate

The National Digital Trade Platform (NDTP) will work alongside a fintech affiliate.  The firm conducted a proof-of-value workshop for an NDTP working group from the Joint Standing Committee on Commerce, Industry and Banking of Thailand (JSCCIB).

The JSCCIB, which is composed of the Thai Chamber of Commerce, Board of Trade, Federation of Thai Industries and Thai Bankers Association, has been appointed by the government of Thailand as one of the parties that will work with the Office of the Public Sector Development Commission to set up the NDTP, a joint statement said.

The NDTP will be a central system linking international digital trade data that is compliant with international standards.

Over 25 leaders and representatives of the Thailand Banking Association and Federation of Thai Industries attended a workshop hosted by the fintech arm.

During the workshop, the company showcased a system prototype demonstrating how advanced blockchain and cryptography technologies enable information exchange while ensuring commercial data privacy within a digital trade platform.

In addition, the company showed how trade processes are digitised and simplified through data and document threading, and how to trade irregularities can be detected and risks reduced through data cross verification.

The fintech affiliate also shared its experience and capability in developing and operating similar platforms in Asia, such as eTrade Connect, a blockchain trade finance platform the company built for the Hong Kong Monetary Authority, and China’s first cross-border trade service blockchain for Tianjin Port.

As part of the workshop, both parties exchanged information on the challenges encountered by the trading and financial services communities and how Thailand’s NDTP can be a central platform connecting to the National Single Window to centralise online import-export data related to customs, export agents, freight forwarders and the shipping and airline companies.

OpenGov Asia reported that in November 2019 the Joint Standing Committee of Commerce, Industry and Banking (JSCCIB) of Thailand completed a trial of a trade platform that leverages blockchain technology.

The test was run as part of JSCCIB’s private sector initiative to develop a National Digital Trade Platform (NDTP) in Thailand. The project is being developed to boost international trade in Thailand and the broader ASEAN region.

NDTP aims to increase the efficiency of trades by reducing processing cost and time. It will also help curb double financing and fraudulent documents as well as improve access to finance for SMEs.

Forty-seven participants from 24 different industries explored the benefits of digitalization of trade documents for international trade. JSCCIB said the trial achieved over 60% faster processing of trade documents.

Researchers found it is a single integrated digital platform that connects all parties and enables the exchange of trade-related data and documents digitally, according to the Head of Business Requirements Working Group for JSCCIB.

The time and cost of export and import will be reduced dramatically, the risk of financial fraud will be mitigated, and the process of logistics and insurance arrangement will be streamlined through the platform.

The trade platform uses blockchain and AI, among other technologies. Thai banks, forwarders, carriers, exporters, insurers and a Japanese importer took part in the trial.

Trade documents such as purchase orders, invoices, shipping instructions, sea waybills, certificates of origin, export permits, insurance policies and other materials were exchanged electronically between the participants.

The primary goal is to link the trading platform with the National Single Window and other platforms developed by neighbouring countries to boost trade in the ASEAN region.

PARTNER

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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