DBS partners Maptrasco to complete first interoperable electronic bills of lading transaction between Singapore and India
Singapore, India.25 Aug 2023
Businesses keen on digital trade finance and eBLs can reach out to DBS
Singapore, India, 25 Aug 2023 - DBS, in partnership with commodities trader Maptrasco, announced the completion of the first “live” transaction of electronic Bills of Lading (eBL) for shipments between Singapore and India today. The transaction was implemented under the TradeTrust framework, an initiative by the Infocomm Media Development Authority (IMDA) and supported by Enterprise Singapore.
With this first shipment, businesses across Singapore and India can participate in the TradeTrust network via their respective choice of TradeTrust-enabled platforms to enable the digital trade finance of live shipments of goods between the two countries. Companies keen on executing eBLs in digital Letter of Credit transactions can reach out to DBS.
The project leverages the United Nation’s 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.
Bills of lading are essential documents in shipping and logistics, representing legal proof ownership of goods in transit, as well as receipt of goods. Globally, only about 1.2%[1] 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.
Lim Soon Chong, Group Head of Global Transaction Services, DBS, said: “The successful live transaction between Singapore and India is a first step towards a truly digital trade corridor between the two nations. DBS is proud to be able to partner Maptrasco to deliver this solution that makes use of IMDA’s TradeTrust framework and look forward to commercialising this solution at scale across the region and beyond.”
Pawan Khaitan, Founder and Chairman of Khaitan International Pte Ltd and Maptrasco, said: “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. We believe that digital solutions will be key to help bring in new and expanded business opportunities for Maptrasco.”
[1] https://dcsa.org/newsroom/resources/disruption-and-the-case-for-digital-standards/
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Maptrasco
Incorporated in 1985, Khaitan International Private Limited (KIPL) trades under its reputable brand name – MAPTRASCO, which is a sole proprietor, fully owned by KIPL. Maptrasco is primarily engaged in trading a variety of products such as metals, scraps, industrial raw materials and agro produce among others. We buy physical commodities and transform them into customized, consumable products that meet the requirements of our customers.
Maptrasco is one of Singapore’s Fastest Growing Companies and High Growth Companies Asia Pacific from 2020 to 2023. Maptrasco is also a recipient of the Enterprise 50 award for year 2018, 2020 and 2021. Keeping the environment in mind, we have walked the talk and is “Pursuing sustainability in commodity trading” by reusing and recycling scrap and also engaging in sustainable farming.
Moving forward, the company is actively exploring new commodities and markets to venture into new markets. This will create business opportunities and strength its network, bringing even more value to its customers. For more information, please visit www.khaitan.com.sg
With this first shipment, businesses across Singapore and India can participate in the TradeTrust network via their respective choice of TradeTrust-enabled platforms to enable the digital trade finance of live shipments of goods between the two countries. Companies keen on executing eBLs in digital Letter of Credit transactions can reach out to DBS.
The project leverages the United Nation’s 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.
Bills of lading are essential documents in shipping and logistics, representing legal proof ownership of goods in transit, as well as receipt of goods. Globally, only about 1.2%[1] 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.
Lim Soon Chong, Group Head of Global Transaction Services, DBS, said: “The successful live transaction between Singapore and India is a first step towards a truly digital trade corridor between the two nations. DBS is proud to be able to partner Maptrasco to deliver this solution that makes use of IMDA’s TradeTrust framework and look forward to commercialising this solution at scale across the region and beyond.”
Pawan Khaitan, Founder and Chairman of Khaitan International Pte Ltd and Maptrasco, said: “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. We believe that digital solutions will be key to help bring in new and expanded business opportunities for Maptrasco.”
[1] https://dcsa.org/newsroom/resources/disruption-and-the-case-for-digital-standards/
[END]
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Maptrasco
Incorporated in 1985, Khaitan International Private Limited (KIPL) trades under its reputable brand name – MAPTRASCO, which is a sole proprietor, fully owned by KIPL. Maptrasco is primarily engaged in trading a variety of products such as metals, scraps, industrial raw materials and agro produce among others. We buy physical commodities and transform them into customized, consumable products that meet the requirements of our customers.
Maptrasco is one of Singapore’s Fastest Growing Companies and High Growth Companies Asia Pacific from 2020 to 2023. Maptrasco is also a recipient of the Enterprise 50 award for year 2018, 2020 and 2021. Keeping the environment in mind, we have walked the talk and is “Pursuing sustainability in commodity trading” by reusing and recycling scrap and also engaging in sustainable farming.
Moving forward, the company is actively exploring new commodities and markets to venture into new markets. This will create business opportunities and strength its network, bringing even more value to its customers. For more information, please visit www.khaitan.com.sg
