Bei Jing Shang Bao·2025-05-27 07:49Core Viewpoint - The successful implementation of the world's first interoperable digital collection (D/P) paperless trade project between Beijing's Free Trade Zone and Singapore's IMDA marks a significant advancement in international trade and financial services, establishing a new digital payment method for trade transactions [1][2]. Group 1: Project Overview - The project is a collaboration between COFCO Industrial Food Import and Export Co., Ltd. and Singapore's YCH Group, utilizing a B2B cross-border e-commerce model for exports [1]. - The project involves the use of digital bills of lading and other digital trade documents, enhancing the efficiency and security of document flow among stakeholders such as shipowners, cargo owners, and banks [2]. Group 2: Cost and Time Efficiency - The transition from traditional paper-based document transmission to digital methods has reduced document circulation costs by approximately 30% and significantly mitigated risks of fraud and loss [3]. - The time required for payment processing has been reduced from about 20 days to approximately 5 days, greatly improving cash flow efficiency [3]. - Singaporean companies have also experienced similar benefits, with YCH saving 60% of document processing time [3]. Group 3: Future Developments - The Beijing "Two Zones" Office and IMDA plan to expand the "Trust Trade Chain + TradeTrust" model to include more countries, industries, and business types, promoting digital transformation in international trade and financial services [4].