Singapore has introduced a cutting-edge digital solution to enhance security and efficiency in trade finance. The Trade Finance Registry (TFR) and SGTraDex, a leading supply chain data-sharing platform, have launched an automated system that enables real-time verification of bills of lading, reducing risks associated with fraudulent documentation.
The new system, introduced on February 12, 2025, eliminates the need for manual checks by banks, which previously relied on phone calls and emails to validate these critical trade documents. Instead, it establishes a seamless, secure data exchange network linking banks, shipping carriers, and data aggregators.
This initiative marks a significant step forward in digitizing trade finance operations. Approximately 70% of banks participating in TFR are expected to integrate this automated verification process into their workflows. By leveraging the Duplicate Financing Check framework—first implemented in June 2023—the system has already processed over 18,000 verification requests across 40 major trade finance institutions. 
The verification process operates via an advanced API connection between TFR and SGTraDex, which relays authentication requests to carrier data aggregators such as Portcast. Ocean Network Express (ONE) is among the first ocean carriers to participate, providing real-time shipping data for verification.
According to Ong-Ang Ai Boon, Director of the Association of Banks in Singapore, this solution enhances transparency and security by enabling direct authentication of trade documents, strengthening trust across the supply chain. SGTraDex has also announced plans to expand its network, bringing in additional carriers and data providers to further bolster the system’s capabilities.
This initiative reinforces Singapore’s role as a global leader in digital trade finance, improving efficiency while safeguarding against fraud in international commerce.
