The first end–to–end interoperable trade digitalization pilot with real transactions between China, Singapore, and the Middle East, jointly promoted by the Office of the Leading Group for the Work of the China (Beijing) Pilot Free Trade Zone and the Integrated National Demonstration Zone for Opening Up the Services Sector (hereinafter referred to as the "Beijing 'Two Zones' Office") and Singapore's Infocomm Media Development Authority[1]  (IMDA), was successfully completed on March 11, 2025.

The pilot focused on two core innovations in the "electronic transferable document" process: first, the development of a "blockchain–based certification + dual–platform verification" mechanism, which recorded the data hash values of 11 key points in the process of issuing, transferring, and clearing electronic bills of lading (eBLs) on the block chain; second, the introduction of the "China–Singapore Cooperation + Middle East Application Scenario" integration model, which enabled the cross-border connectivity and secure sharing of 28 trade data items.

According to pilot enterprises, the practical tests have shown that the use of transferable documents supported by a distributed system improved the efficiency of cargo rights transfer by 80 percent and increased logistics traceability by 65 percent. The cross–border digital collaboration system also reduced compliance costs by 40 percent, shortened the eBL circulation time from the traditional seven days to eight hours, and achieved 100 percent visibility in goods–in–transit management, while improving customs clearance efficiency by 60 percent.

Moving forward, the Beijing "Two Zones" Office and Singapore's IMDA will continue to collaborate with all parties to expand digital trade applications, deepen cooperation with other Belt and Road countries in the digital economy, and help build a more efficient and convenient international trade environment.

(Source: Open Beijing)