Active interest and participation from regulators and industry bodies such as the International Chamber of Commerce (ICC) will likely continue in 2020, gaining momentum as it shapes public policy.
Growth in partnerships between industry participants is also likely to be an ongoing theme in 2020. Rather than digitise on their own documents or processes, groups are banding together to ensure projects include all parts of the end-to-end supply chain, to the benefit of all parties.
Recent examples of this include Lygon, the Trade Information Network, eTradeConnect, the Networked Trade Platform (NTP) in Singapore, Marcopolo and We Trade.
The NTP and eTradeConnect are initiatives led by Singapore and Hong Kong regulators. The aim of these projects is to digitise trade data and become one-stop trade ecosystems, enabling data sharing between all trade participants such as importers, exporters, logistics providers, financial institutions and government bodies.
Lygon is an Australian platform which allows for the digitisation of bank guarantees. The platform has just concluded a successful live pilot and is preparing for commercialisation in mid-2020.
Hariramchakraborthy Janakiraman is Head of Trade Product at ANZ Institutional