Project

A. General Information

1. Title

Thailand’s JSCCIB pilots blockchain-based National Digital Trade Platform (NDTP)

2. Status of the project
Pilot
3. Implementation period of the project/service:
From
Nov-2022
To
Present
4. Website
https://www.ledgerinsights.com/blockchain-thailand-trade-tradewaltz-singapore-n…
5. Geographical coverage
Regional: Asia and the Pacific
Participating countries: Japan, Singapore, Thailand
Hub Point: Thailand
6. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
The Thai Bankers Association, the Federation of Thai Industries, and the Board of Trade
Other participating agencies/entities
The government has involvement through the Office of the Public Sector Development Commission.
b. Operational stage
Lead agencies/entities (op)
The Thai Bankers Association, the Federation of Thai Industries, and the Board of Trade
Other participating agencies/entities (op)
The government has involvement through the Office of the Public Sector Development Commission.Baker McKenzie Thailand is responsible for the legal aspects. The first banks to participate on the network are Bangkok Bank, Bank of Ayudhya, Kasikorn Bank, Krungthai Bank, Siam Commercial Bank, and TMB Thanachart.
7. Main stakeholders/beneficiaries of the project
Traders (big enterprises)
Traders (SMEs)
Transport
Customs
Other Government Agencies (OGAs)
8. Business process category of the project
Commercial Transactions
Forwarding and cargo handling
Transport
Regulatory/official control
Payment

B. Lessons Learned

9. Summary description of the project/service
a. Objective(s)

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

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

The authenticity of documents used on NDTP is verified because NDTP has been integrated with Thailand’s Trade Document Registry (TDR), which went live early this year, allowing banks to check for double financing of trade documents.

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

b. Business need for the project (background)
--
c. Business process covered*

The authenticity of documents used on NDTP is verified because NDTP has been integrated with Thailand’s Trade Document Registry (TDR), which went live early this year, allowing banks to check for double financing of trade documents.

d. Overall architecture and functionalities*
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e. Relevant document/figure
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10. Documents and data exchanged via the project

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

11. Data models/databases, proprietary solutions, hybrid approaches
--
12. Main challenges faced during the project
--
13. Lessons learned from the project
--
14. Main benefit(s) of the project
Enhanced regulatory compliance*
Transaction Cost savings*
Transaction Time savings
14A. Elaborations/detailed description on benefits gained
--
15. Technical/financial/capacity building/other assistance
--
16. Future plan for expansion of the project
--
17. Other information or relevant references on the project

https://youtu.be/vIjcKyDlmAA

18. Relevant document regarding the project
--

C. Relevant Standards

19. Name(s) of any international, national legal instrument underpinning the project
--
20. Electronic message standard
20A. Electronic message standard supporting the project
--
20B. Type of standard for electronic message applied for the project
International standard
Technical recommendations from international body(ies)
UN/CEFACT standards
21. Technical communication standard
21A. Technical communication standard supporting the project
--
21B. Type of technical communication standard applied for the project
International standard
22. Security-related standards*
22A. Security-related standard supporting the project
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22B. Type of security-related standard applied for the project
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23. Other Technical Information
23A. Interface developed for data exchange with an internal system
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23B. Other technical implementation information
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