Shanghai launches fully online business registration service for Singaporean firms via interoperable digital identity service

Core Insights - The launch of a fully online business registration service based on the Shanghai-Singapore cross-border digital trust framework aims to streamline processes for Singaporean enterprises investing in Shanghai, reducing time and costs associated with paper-based notarised documents [1][4] Group 1: Digital Trust Framework - The Shanghai Electronic Certification Authority (SHECA) has established a cross-border digital trust service platform to enhance the efficiency and security of cross-border identity and document authentication [2] - The initiative seeks to break down barriers to cross-border trust and foster international cooperation [2] Group 2: Digital Identity Interoperability - A pilot project utilizing Decentralized Identifiers (DID) and Verifiable Credentials (VC) techniques was launched to test the online registration process for Singaporean corporate investors in Shanghai [3] - This project marks the first application scenario for digital identity interoperability between Shanghai and Singapore [3] Group 3: Business Registration Process - Singaporean enterprises can now complete business registration in Shanghai without the need for paper-based notarised documents, addressing long-standing challenges in verifying document authenticity [4] Group 4: Future Cooperation and Expansion - Shanghai and Singapore plan to promote services that assist Chinese enterprises in expanding globally, applying the online registration model for Chinese companies in Singapore [5] - The two regions will broaden cooperation areas, enhancing cross-border digital identity and electronic document interoperability [5] - Shanghai aims to develop a blockchain-based model for digital identity interoperability, extending its application to Belt and Road countries and neighboring regions [5]