Q3 industry news marked an interesting shift in how to approach digital trade implementation, starting with a dose of realism injected into discussions on blockchain/DLT for trade finance. Where, previously, concerns lay with the technology’s efficacy (since proven via numerous successful PoCs), some are now pointing at the lack of DLT network maturity and solution inter-connectivity, while also suggesting that companies could emphasize digitizing the underlying physical trade itself (via existing cloud-based digital database solutions) before operationally tying in with blockchain trade finance projects. Interestingly, calls for connectivity between trade participants, some using an array of digital solutions, also figured heavily in Q3, with the industry stressing the need to connect disparate ‘digital islands’ to achieve maximum value/benefit and truly reap the rewards of an integrated, digitized supply (and finance) chain.

At the forefront of essDOCS Company news, we recently announced our acquisition of Ireland-headquartered eCertificate of Origin provider – Tradecert – resulting in essDOCS now operating the world’s largest eCO network: spanning 28,000+ exporters & forwarders plus 200+ Chambers of Commerce across 10 export and 169 import countries!

Industry News & Views

Digitalising Trade Finance: the time to act is now: Finextra provides insights on trade finance digitization for banks, covering future-proofing, regulatory concerns, ROI-tracking and more. + READ MORE

Blockchain or blocked chain?: Industry views on recent Digital Ledger Technology PoCs, exploring the true extent of blockchain's potential to disrupt trade finance today (source: TXF). + READ MORE

Digitalisation and Trade Finance: What’s Next?: Essential reading on digital trade finance, covering challenges faced and major opportunities in transforming the trade banking landscape (source: International Banker). + READ MORE

UNCITRAL adopts Model Law on Electronic Transferable Records: A major milestone for paperless trade, with international law now catching up to existing business practices (source: essDOCS via UN Information Office). + READ MORE

Electronic Certificate of Origin Best Practices: ICC WCF's recent Best Practices note on eCertificates of Origins (eCOs) positions paperless COs as a top priority for the industry going forward (source: eCertify via ICC). + READ MORE

Trade Digitisation must come before Blockchain: GTR injects a dose of realism into recent trade/finance blockchain initiatives, arguing for a more structured digital approach before banks attempt to implement digital ledger technology. + READ MORE

Digitization and E-commerce Continues to Reshape Forwarding Marketplace: Insights and use-cases on the digitization wave reshaping the freight forwarding marketplace (source: Supply Chain Management Review). + READ MORE

Norway to Launch World’s First Automated Container Ship in 2018: The world’s first automated container ship is currently being developed by shipping company Yara in partnership with Kongsberg (source: Forbes). + READ MORE

(Video) The Digital Transformation journey at ATB: Amsterdam Trade Bank discusses its Digital Transformation Journey, enabled by essDOCS & Finastra/Misys (source: Amsterdam Trade Bank via YouTube). + READ MORE

The C-Suite Challenges of a Trade Finance Bank: Finextra examines whether digital transformation is the answer to many of the challenges faced by trade banking leaders. + READ MORE

Digitalisation in trade finance: accelerating the journey: A must-read guide to accelerating digital practices in trade finance, co-authored by essDOCS' Alex Goulandris & Standard Chartered's Michael Vrontamitis (source: essDOCS via ICC). + READ MORE

How hackers are targeting the shipping industry: BBC News covers recent hacking incidents on ships, emphasizing how simple precautions like prohibiting USB sticks or updating antivirus software can have a significant preventative impact. + READ MORE

The Financial Industry Needs to Start Planning for the Next 50 Years, Not the Next 5: Banks must close the gap between technological innovation and operational progress if they are to remain relevant and competitive in the digital age (source: HBR). + READ MORE

essDOCS Company News

essDOCS acquires TradeCert: Recent acquisition yields the world’s largest electronic Certificate of Origin (eCO) network, serving 28,000+ Exporters & Forwarders and 200+ Chambers of Commerce across 10 export/169 import countries. + READ MORE

DigiChambers & essDOCS announce partnership in electronic Certificates of Origin: Expanding our Certification reach to Belgium & Luxembourg via new eCO partnership with DigiChambers/Belgian Chambers. + READ MORE 

CargoDocs News

China Guangfa Bank goes live with CargoDocs: Using ePresentation for a back-to-back LC transaction involving iron ore cargo. + READ MORE

Louis Dreyfus Company & Natixis complete 1st CargoDocs Metals transaction: Using the solution for copper concentrate shipments ex-Peru to Namibia. + READ MORE

China Everbright Bank goes live with CargoDocs: Recently completing its 1st live ePresentation transaction for an iron ore shipment. + READ MORE

India embraces CargoDocs: Following 1st ever use of the solution for shipments into the country by essDOCS customer Cargill. + READ MORE

essDOCS in Numbers