Singapore has unveiled a new digital trading platform to cut paperwork and connect industry players.
The Networked Trade Platform (NTP) is owned by the government and open to all traders, shippers and service providers.
In a speech Heng Swee Keat, Singapore’s minister for finance, said currently a single trade can involve more than 25 parties and 30-40 documents with 60-70% of information required to be input manually.
“If we can stitch the disparate standalone systems, or digital islands, together, and bridge the government agencies and business community, the potential value to the economy is significant and transformational,” he said.
“The NTP is a one-stop trade platform that connects industry players digitally. As a government-owned and operated platform, the NTP is trusted, open to all service providers and not-for-profits.
“Shippers can easily store physical documents in digital formats, streamline data and exchange the digital documents with partners, all within the same space and with peace of mind.
“In addition, the NTP gives traders access to third-party service providers whose offerings include trade news, logistics planning and execution logistics, financing, customs declarations and payments reconciliation.”
The NTP builds on the existing TradeNet single window, which gives traders a one-stop interface for regulatory transactions, by enabling them to interact with all business partners, stakeholders and regulators.
Heng said: “The NTP’s digital platforms will also allow us to better match demand and supply in the trade supply chain, and discover new growth opportunities in the process.”
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