The Australian Border Force (ABF) announced today that the agency is working on cross-border business solutions with Singapore to make the whole process simple and paperless through the integration of blockchain technology.
In an official press release, ABF said the planned solutions are in line with the Australia-Singapore bilateral digital economy deal. Earlier this week, a blockchain trial was initiated between authorities in Australia and Singapore to make commercial documentation fully digital.
The agency also notified that the blockchain-based digital verification system was developed by technology experts from Australia and Singapore at the United Nations Center for Trade Facilitation and Electronic Commerce (UN / CEFACT) for the exchange of intergovernmental documents. ABF has expressed a willingness to partner with other international agencies to expand the paperless business program.
Commenting on the launch, ABF Commissioner Michael Outram said: “ABF welcomes the opportunity to further collaborate with Singapore to improve cross-border trade between our countries. In addition to our international efforts, this initiative will incorporate paperless commerce and ensure the digital exchange of business information as part of the future architecture and design of a one-stop shop for Australian trade. “
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Digital Commerce
The Australian government recently announced the “Simplified Trade Agenda” to introduce reforms in the trade compliance framework. The recent trial supports the agenda as it will digitalize compliance processes without the involvement of routine paperwork. The trial aims to test the digital verification platforms developed by the Australian and Singapore authorities. “Companies and regulators will provide feedback on their experience by verifying certificates of origin with the two systems, with the aim of reducing administration costs and increasing the efficiency of trade.
“The Australian Chamber of Commerce and Industry, Australian Industry Group, as well as Singapore’s financial institutions, including ANZ, will take part in the process,” ABF added.
Finance Magnates previously reported on the RBA’s plan to explore the development and use of a central bank digital currency (CBDC) based on blockchain technology.
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