On November 3, The Joint Standing Committee of Commerce, Industry and Banking (JSCCIB) of Thailand announced it completed a trial of a trade platform leveraging blockchain technology and developed by Japan’s NTT DATA.
The test was run as part of JSCCIB’s private sector initiative to develop a National Digital Trade Platform (NDTP) in Thailand. Kalin Sarasin, Chairman of JSCCIB, said the project is being developed to boost international trade in Thailand and the broader ASEAN region.
He said NDTP would increase the efficiency of trades by reducing processing cost and time. It will also help curb double financing and fraudulent documents as well as improve access to finance for SMEs.
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