Last week, Thailand’s JSCCIB announced the first pilots for its blockchain-based National Digital Commerce Platform (NDTP). It has also been integrated with the Japanese TradeWaltz blockchain and Singapore’s single-window network trading platform (NTP).

The goal of NDTP is to digitize the trade process to speed up imports and exports and improve access to trade finance for SMEs. It is a private sector project led by three trade associations, the Thai Bankers Association, the Federation of Thailand Industries and the Board of Trade. The government participates through the Office of the Public Sector Development Commission.

The first phase of NDTP involves the digitization of various trade documents, such as purchase orders, invoices, and packing lists using UN/CEFACT standards, and transport documents, such as bills of lading and waybills.

The authenticity of the documents used in NDTP is verified because NDTP has been integrated with Thailand’s Trade Document Registry (TDR), which went live earlier this year, allowing banks to verify the double financing of documents. commercial.

Thailand’s leading payment system operation, National ITMX Company, developed and operates phase 1 of the NDTP platform. Baker McKenzie Thailand is responsible for legal aspects. The first banks to join the network are Bangkok Bank, Bank of Ayudhya, Kasikorn Bank, Krungthai Bank, Siam Commercial Bank and TMB Thanachart.

Two pilot (real) transactions were conducted between Thailand and Singapore and four proof-of-concept transactions were tested with Japan.

Payong Srivanich, President of the Thai Bankers Association, spoke about the NDTP, saying that “it will make exporting and importing easier, faster and more convenient not only for exporters and importers, but also for all other stakeholders. It will reduce the time spent preparing and processing documents.”

He continued: “Banks will be able to verify supporting documents for financing more efficiently in addition to the existing financial double verification in TDR. This will increase access to finance for exporters and importers and, in turn, will increase the competitiveness of Thai exports, particularly for SMEs.”

For Japan’s TradeWaltz, a blockchain platform with more than 130 Japanese participants, in addition to connecting to Singapore and Thailand, it has also implemented a basic connection to TradeWindow supporting trade with New Zealand and Australia. It also measures the emissions involved in international shipments.

TradeWaltz was developed by NTT and was funded by several large Japanese entities, including three trading conglomerates Mitsubishi Corp, Toyota Tsusho, and Kanematsu, as well as MUFG, Tokio Marine & Nichido Fire, and Sompo. It is in production and has raised a relatively modest funding of 3.9 billion yen ($27.5 million).

Big carriers power two other major blockchain trading platforms, TradeLens and GSBN.