Blockchain Trade Platform Launched In Singapore By Global eTrade Services

Blockchain, News | July 19, 2018 By:

Global eTrade Services (GeTS) has launched a new blockchain service built for the trade communities to boost overall efficiency, security, and transparency for global trade.

GeTS is a subsidiary of CrimsonLogic, a Singapore-based e-government service provider owned by a government agency and a major port operator. GeTS has a comprehensive suite of services that helps traders meet regulatory and compliance requirements from government agencies and trade associations around the world.

Dubbed Open Trade Blockchain, the new platform is a permissioned blockchain network run by trusted nodes which are hosted by whitelisted accredited trade compliance companies. It is Singapore’s first cross-border blockchain platform that is aligned with China’s Belt Road Initiative (BRI) and the Southern Transport Corridor.

“One year ago, we successfully launched GeTS and it amassed more than 10m transactions in the first year of operation,” CrimsonLogic and GeTS Chairman Eugene Wong said. “Today, GeTS is now conducting more than 13 million transactions and recorded a Gross Merchandised Value (GMV) of more than $400 billion for the first half of 2018. With the launch of this Open Trade Blockchain, we have set a new precedent for global trade, and promise to meet growing demands for compliant and secure trade regionally, and globally.”

The blockchain platform enhances the security of trade-related documents, from certificate of origin to commercial invoice and enhances the transparency and trust between shippers, freight-forwarders, and customers. It provides fundamental utilities as building-blocks for the trade community to co-create and develop new services.

“When we build OTB, we are envisioning a more transparent and trusted environment for traders to better conduct their businesses,” said Chong Kok Keong, CEO of GeTS. “We see tremendous potential in the open infrastructure of OTB, and I encourage the global trade and other communities to build blockchain services on OTB to better create a more transparent and secure environment for businesses.”

Wong believes that OTB can help create greater trust amongst cross-border traders in the ASEAN regioan and along China’s BRI and Southern Transport Corridor.

“Trade volume between ASEAN and China would become the single largest transaction between two regions and we hope to facilitate this,” Wong said. “Our vision is to create a new Global Trade Facilitation platform which is truly trusted globally with our Open Trade Blockchain technology.”