Illustrative image (Source: Rappler.com) Hanoi (VNA) - TheJapanese Governmentplans to promote a platform to member countries of the Association of SoutheastAsian Nations (ASEAN) for digitalizing all trade-relateddocuments, Kyodo Newscited sources close to the matter as reporting on August 5.
Japan expects the platform to strengthen the supply chain in the region wheremany Japanese companies have production bases while deepening economic tieswith the 10-member bloc, they said.
The digitalization platform, currently being developed by a consortium of 18Japanese companies, utilizes a blockchain technology to prevent data hacking,the sources said.
The consortium, whose participants include NTT Data Corp., Mitsubishi Corp. andNippon Express Co., will run a trial of the platform this year in Vietnam, thechair of ASEAN for 2020, the sources said.
By eliminating massive exchanges of paper between trade stakeholders, theplatform is expected to sharply reduce the costs and time required for customsdocumentation work. It can also digitalize procedures for credit letterissuance by banks and trade insurance contracts.
As the system accumulates data, it can help search for alternative suppliersbased on past trade and credit histories in the event of supply chaindisruptions, the sources said.
The platform's development comes as the Ministry of Economy, Trade and Industryis providing funding for creation of new businesses through digitalizationprojects in Asian countries.
ASEAN groups 10members - Brunei, Cambodia, Indonesia, Laos,Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam./.
VNA
