Since it was first featured in WCO News magazine in 2021 (TradeTrust: accelerating the digitalization of international trade), TradeTrust has continued to lead the global movement towards digitalized, interoperable and legally effective trade documentation. Developed by the Infocomm Media Development Authority (IMDA) of Singapore, TradeTrust has evolved beyond trials to power numerous live trade and finance transactions, turning the promise of paperless trade into reality.

TradeTrust is a framework of globally accepted standards and software components that enables the creation, verification and even operation of electronic trade documents (such as certificates of origin and bills of lading[1]) across multiple platforms. An open-source initiative designed to allow its adopters to manage electronic transferable records that comply with the requirements of the UNCITRAL Model Law on Electronic Transferable Records (MLETR), TradeTrust makes it possible for these digital documents to perform like their paper equivalents. The initiative addresses long-standing industry pain points such as a lack of cross-system interoperability, an inherently high risk of fraud and the need for faster, more efficient document handling – particularly relevant in trade finance.

A unique feature of the TradeTrust design is that it can enable border authorities to work seamlessly on the very same electronic bill of lading (eBL) file that is exchanged between exporters, importers and banks without compromising those parties’ control over the title to the goods.

A major advancement in 2025 has been the release of the Model Terms to Support the Use of TradeTrust Electronic Bills of Lading (available at the following link to the Legality Guide), drafted by international law firm Watson Farley & Williams (WFW). This legal framework addresses concerns surrounding interoperability and liability by providing:

• standard definitions to ensure clarity across adopters;
• User Agreement Terms that govern relationships between users and digital trade platforms, covering matters such as liabilities, eBL rejection and the process for switching to paper; and
• eBL provisions that are intended to be included in every TradeTrust eBL.

By standardizing legal clauses, the TradeTrust Model Terms boost confidence in the use of eBLs across platforms and jurisdictions, paving the way for greater adoption in trade finance workflows, where certainty and compliance are critical.

TradeTrust has transitioned from concept to real-world execution, in some cases enabling live cross-border transactions that integrate trade finance processes. The five high-impact examples outlined below are particularly noteworthy.

GUUD, a technology company providing platforms for the management of electronic certificates of origin (eCOs), has incorporated TradeTrust’s open-source software components and internationally recognized standards into its solutions. This advancement enables the provider to offer its clients an efficient solution to manage the authenticity and cross-border verifiability of eCOs, reduce operational costs and strengthen compliance with global trade requirements

During the second phase of a pilot project on Interoperable Digital Documents against Payment (D/P), a shipment of canned food sent from Xiamen to Singapore was executed using an eBL issued, circulated and verified through a blockchain and across multiple TradeTrust-ready digital platforms in China and Singapore.

Led by Singapore’s Infocomm Media Development Authority (IMDA) and the Beijing Municipal Commerce Bureau, the live transactions were executed by the following entities: China’s food processor, manufacturer and trader COFCO Industrial Food, Singapore’s food distributor Yit Hong Pte Ltd., Pacific International Lines as the logistics provider, the Bank of China and the Industrial and Commercial Bank of China as remitting banks, and Singapore’s DBS and United Overseas Bank as collecting banks, to support D/P transactions using a TradeTrust-enabled eBL.

All trading processes for the sellers and buyers, including contract signings, Customs clearances, transfers of eBL title ownership and payments were fully paperless. This collaboration showcased the viability of business-as-usual trade digitalization, building on earlier success to demonstrate full ecosystem interoperability. It reinforced TradeTrust’s role in enabling cost savings, efficiency improvements and operational transparency, paving the way for broader industry adoption.

Another pilot project dealt with a cross-border transaction involving the exchange of eBLs and trade finance processes between India and Singapore. A container of scrap metal was shipped from Miami to Gujarat. The logistics provider issued an eBL using the TradeTrust portal. The document was then presented by DBS Bank in Singapore and accepted by ICICI Bank in India under a letter of credit issued to the buyer, Jindal Stainless.

Participants in the pilot project were DBS Bank, ICICI Bank, A.P. Moller-Maersk, Jindal Stainless (India), Maptrasco (Singapore), IMDA, the Ministry of Trade and Industry of Singapore, and Indian think tank NITI Aayog.

The project demonstrated reduced turnaround time, minimized manual errors and increased confidence in documents. It was praised for aligning with the G20 High-Level Principles on Digitalization of Trade Documents and set a benchmark for legal interoperability and commercial acceptance.

Developed by Singapore technology company GUUD, the TFAP is a multi-bank digital trade finance platform designed to simplify and accelerate the application, processing and presentation of trade finance instruments such as letters of credit (LCs).

Since its launch in 2019, TFAP has onboarded 11 banks and enabled exporters and importers to manage LC workflows digitally. GUUD has integrated TradeTrust to support the endorsement and verification of electronic bills of lading (eBLs), enabling title transfers and document presentation to banks in a legally verifiable and tamper-proof format. This integration bridges the gap between document digitization and trade finance execution –reducing end-to-end processing from 10-14 days to under 30 minutes – while improving transparency, document integrity and cross-border trust in financed trade transactions.

Singapore’s IMDA, the Monetary Authority of Singapore (MAS) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), in collaboration with commercial partners DBS Bank, Emirates NBD and Standard Chartered, all participated in a pilot to demonstrate the possibility for MLETR-compliant jurisdictions to exchange letters of credit and supply chain documents leveraging the TradeTrust framework. Trading counterparties and transacting banks were able to validate documents digitally and securely even when they were on different trade finance platforms. TradeTrust is demonstrating that managing the trade finance process in a fully digital, legally recognized way is not just possible – it is already here.

This year (2025), TradeTrust has applied to be recognized as a digital public good by the Digital Public Goods Alliance which is a United Nations-endorsed multi-stakeholder initiative that facilitates the discovery and deployment of open-source technologies, bringing together countries and organisations to create a thriving global ecosystem for digital public goods and helping to achieve the sustainable development goals.

As countries continue to harmonize their legal frameworks with MLETR and businesses digitize their operations, TradeTrust is positioned as a critical enabler of a secure, interoperable and efficient digital trade ecosystem.

More information
https://tradetrust.io/

[1] Document issued by a carrier to acknowledge receipt of cargo for shipment. A bill of lading has three functions: it acts as a receipt, it contains or constitutes evidence of the contract of carriage, and it serves as a document of title.