Q4 2017 news marked a shift in digitization approach, as several industry leaders and commentators called for a ‘transitional’ approach to paperless trade – one based on step-by-step achievable progress, rolled out in key transitional stages. A heightened sense of urgency also surfaced in Q4, with government bodies, NGOs and the wider industry framing trade/finance digitization as a ‘do-or-die’ requirement. The blockchain proposition, which one could argue is at odds with the transitional approach mentioned above, continued to feature prominently in trade news, as various partnerships and slated projects made headlines. Yet, interestingly, most industry players seemed to agree there is no single solution to all challenges faced. Instead, we saw more calls for a combined, collaborative and realistic approach to paperless trade, equally taking into account industry needs, future 'desired states' and current technical limitations.

As such, we enter 2018 with a positive outlook on trade digitization, anticipating further integration, connectivity and collaboration between trade participants and solution providers, coupled with a resurfacing of pragmatic, ROI-led digital trade strategies – always driven by industry needs and rolled out in transitional steps to achieve maximum, long-term results!

Industry News & Views

The death of ‘rip and replace’ digital transformation: Finastra CEO, Nadeem Sayed, makes the case for an incrimental, transitional approach to digitization for banks (source: bobsguide). + READ MORE

UN report calls for further acceleration of implementation of paperless trade measures: Global implementation rate of trade facilitation & paperless trade at approx. 60% according to UN Report on Trade Facilitation & Paperless Trade (source: UNECE). + READ MORE

Trad tech or trade tech?: essDOCS CCO, Ashley Skaanild, makes the case for trade finance digitization alongside industry players at the recent FinastraUniverse event in London (source: TXF). + READ MORE

(Video) The Digital Revolution in Shipping: Practitioners and industry leaders weigh in on the ongoing digital revolution in the shipping sector (source: KNect365 Maritime via YouTube). + READ MORE

European Commission Thinks Greater Efficiency Possible if Paper Dumped: European Commission launches consultation for freight and logistics industry to spur uptake of electronic document systems in trade (source: Handy Shipping Guide). + READ MORE

Digitalise or go out of business says Columbia Marlow CEO: A powerful warning to the tanker industry from Columbia Marlow Shipmanagement CEO, Mark O'Neil. (source: Tanker Shipping & Trade) + READ MORE

The biggest warehouse frauds of recent times: A look into high-profile paper warehouse receipt fraud cases, incl. developments around the Quingdao scandal and a more recent nickel receipt forgery case (source: fastmarkets/MetalBulletin). + READ MORE

False paper certificates of Origin allegedly used to defraud Maltese authorities: A recent example of risks associated with relying on paper Certificates of Origin, used here to allegedly facilitate a $30MM smuggling operation (source: maltatoday). + READ MORE

Export Bill fraud in India: Another case of paper bill fraud, where customs officers allegedly defrauded the Indian govt. using fake bills to claim duty drawbacks. (source: Mumbai Mirror). + READ MORE

Blockchain Technology Can Accelerate International Trade Flows, Say Industry Experts: Coin Telegraph provides a brief overview of recent blockchain shipping initiatives and pilots. + READ MORE

Hong Kong & Singapore to build blockchain trade finance highway: Regulators in Hong Kong and Singapore agree to build blockchain trade finance superhighway based on distributed ledger tech (DLT) (source: Corporate Treasurer). + READ MORE

Bitcoin or not, Blockchain is here to stay: Industry experts, including essDOCS CEO Alex Goulandris, discuss blockchain’s applicability to banking, trade finance and supply chain processes (source: Jerusalem Post). + READ MORE

The Endgame For Commodity Traders: Oliver Wyman report warns that larger traders have a competitive tech advantage, investing heavily in digitization to cut costs & optimize processes, calling for smaller firms to digitize if they're to survive in the current landscape. + READ MORE

South Korea aims for paperless society with wider e-document use: South Korea plans for paperless society by 2021, overturning 1,400 laws that require physical paper from companies and paving way for widespread eDocs use (source: ZDNet). + READ MORE

essDOCS Company News

Danske Bank becomes first Nordic bank to sign on to CargoDocs: Leading Nordic bank becomes first in the region to adopt CargoDocs ePresentation. + READ MORE
 

DBS signs on to CargoDocs: DBS becomes the first Singapore-headquartered banking group to adopt CargoDocs ePresentation. + READ MORE 
 

CargoDocs ePresentation Case Study: Issuing Bank: Find out how issuing Banks using CargoDocs, such as essDOCS customer Bank of China, can save $50K to $500K per single branch per year. + READ MORE

South America embraces TradeCert: Argentina's CERA becomes the South American continent's first Chamber to adopt essDOCS electronic Certificates of Origin (eCOs). + READ MORE

Greater Omaha Chamber achieves 99% paperless Certificates with eCertify: Becoming the 4th Chamber in the US to achieve fully paperless Certificates of Origin using essDOCS eCOs . + READ MORE

Introducing CargoDocs Automated Document Processing (ADP): Enabling banks to combine OCR with Natural Language Processing & Supervised Machine Learning to capture and structure data from paper-based trade documents. + READ MORE

One Millionth electronic Certificate of Origin issued via TradeCert: Involving the Stockholm Chamber of Commerce and essDOCS eCO user, DHL Global Forwarding. + READ MORE

essDOCS in Numbers