Emirates NBD has teamed with a trade finance platform and two fintechs on a proof-of-concept for a transaction involving digitally native trade documents with the application of participants' digital identity.
The PoC - carried out with DP World Trade Finance, Enigio and iBind - aimed to address the core issues effecting adoption of digitally native trade documents by replicating the traditional physical flow.
The digital documents needed to demonstrate their uniqueness/genuineness; establish ownership and authority; and have the ability to be transferred to a new owner.
"The PoC marks a pivotal moment in the evolution of digital trade finance, as it not only validates the digital trade documents such as an e-Bill of Lading, but also verifies and establishes the authority of the corporate entities involved in the end-to-end trade transaction," says a statement.
The partners say that their work successfully demonstrates the creation, transmission, and authentication of digitally native trade documents. It also created a robust system for trusted digital identities and showed seamless integration into existing workflows.
Vishnu Purohit, group head, trade product management, Emirates NBD, says: "This innovative solution has demonstrated its potential to revolutionise digital trade, offering enhanced security, efficiency and trust.
"It is a pivotal step towards a more seamless and secure trade ecosystem, and we are excited about the possibilities it holds for the future of international trade."