Singapore allows e-documents for cross-border trade
Out-Law News | 04 Feb 2021 | 5:40 am |
Singapore will allow cross-border trade documents with international ports to be digitised.
Singapore’s parliament passed the Electronic Transactions Amendment Bill this Monday 1 February 2021. Under the Bill, Singapore will allow cross-border trade documents to be digitised as long as they meet certain requirements.
It is hoped that this will reduce paperwork and costs for cross-border trade.
Trade and technology expert Bryan Tan of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: ”Singapore is an open, trade-dependent economy. The feeling is that the pandemic offers a chance to implement such innovative changes so that the economy is better placed after the pandemic than it was before it.”