XDC partners with Singapore’s IMDA, launches network to finance MLETR-compliant digital trade
XDC Network, a hybrid blockchain built for global trade and finance, has integrated with the Infocomm Media Development Authority’s (IMDA) TradeTrust, and launched an initiative to enable the creation and financing of Model Law on Electronic Trade Records (MLETR)-compliant digital trade documents.
The new initiative, XDC Trade Network, is being headed up by Sunil Senapati, who joined XDC as chief operating officer for trade and payments in September last year. Set up as a special purpose entity, XDC Trade Network is a suite of decentralised applications built on the XDC platform that enables users to issue digitally signed, verifiable trade documents, such as electronic bills of lading, according to the requirements set out in MLETR.
TradeTrust is a digital utility that connects governments and businesses to a public blockchain. It aims to simplify cross-border trade by enabling interoperability and traceability across different trade platforms and formats, harmonising the legal recognition of digital documents between various jurisdictions which have adopted MLETR.
About the author
Eleanor Wragg is a senior reporter at GTR, where she covers the trade, export, commodity and supply chain finance markets, as well as the political risk and trade credit insurance, treasury and fintech sectors.
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