- GeTS to sign collaboration agreement with China-ASEAN Information Harbor Co. (CAIH) on OpenTrade Blockchain (OTB) to make cross-border compliance services more secure
- GeTS and CAIH conducting pilot runs with logisticsplayers for cross-border Customs connectivity service that further facilitatetrade between China and ASEAN through the Southern d Transport Corridor (STC)
SINGAPORE / NANNING, CHINA - MediaOutReach - 12 September 2018 - During the 15th China-ASEAN EXPO (CAEXPO in Nanning, Guangxi, China),GeTS will be signing a collaboration agreement with China-ASEAN InformationHarbor Co. (CAIH) to work together to implement Open Trade Blockchain (OTB), aninclusive and extensible blockchain service built forthe trade communities to boost overall efficiency, security and transparencyfor global trade.
GeTS' OTB is also the world's first cross-border blockchain for tradelinking ASEAN and China's Digital Silk Road. It enhances the security of trade related documents,from Certificate of Origin to commercial invoices, and improves thetransparency and trust between shippers, freight-forwarders and customers. OTB is part of GeTS' CALISTA platform that helps businesses orchestratephysical logistics, compliance and financing requirements of cross-border tradein an accessible, predictable and easy manner.
Mr. Eugene Wong, Chairman of CrimsonLogic and GeTS said: "The Belt andRoad Initiative (BRI) through the Southern Transport Corridor (STC) willincreasingly become an important trade and logistics hub for China to connectwith ASEAN. We are aligned with BRI asGeTS continues to focus on growing our services for businesses in China and theASEAN region. We are perfectly placed tosolidify Singapore's position as an influential player in the regional andglobal trading ecosystem, and remain committed in our mission to powercross-border trade globally."
Following thepartnership announcement by GeTS with CAIH to collaborate on an internationaltrade module earlier this year, the service is currently undergoing testingwith pilot users.
Mr. Lu Dongliang, Chairman of CAIH said: "Thispilot is an important milestone not only for CAIH, but also serves as acatalyst to accelerate trade in the South Transport Corridor. With aglobal logistics player that now has a direct connectivity between the twomajor trading hubs of Singapore and Guangxi, it will encourage other players tocome on board through this Guangxi gateway to access other parts of China."
GeTS is currently conducting more than 13.5 million transactions andrecorded a Gross Merchandised Value (GMV) of more than $400 billion for thefirst half of 2018. The company haslinked up to 24 Customs nodes across the world, with more than175,000 connected parties, continuing to improve time savingsby 60% and increase productivity by 1.5 times to make tradeeasier, more predictable and accessible.
Mr. Chong Kok Keong,Chief Executive Officer of GeTS and Assistant CEO of CrimsonLogic said: "We arepleased to play a role in linking China to the rest of ASEAN and the worldthrough the CALISTA Platform developed by GeTS. This collaboration with CAIH on Blockchain technology will furtherstrengthen the security and integrity of the trade and supply chain activities,positively transforming cross-border trade between ASEAN and China, especially along the STC."
CrimsonLogic is apartner to governments and businesses globally. For more than 30 years, the Group has partnered customers to innovatesustainable world-class solutions, products and services in Trade, Legal andDigital Government, enabling transformation that positively impact lives andcommunities.
Global eTradeServices (GeTS) is a CrimsonLogic subsidiary and a key growth engine for theGroup. GeTS' key platform -- CALISTA, helps businesses orchestratephysical logistics, compliance and financing requirements of cross-border tradein an accessible, predictable and easy manner.