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The Trade Finance Registry (TFR), a central trade finance registry in Singapore, and SGTraDex, a digital data-sharing platform for supply chain partners, have unveiled a new automated system for Singapore-based banks to verify bills of lading in real time, to mitigate trade finance risk.
The initiative, launched on 12 February 2025, establishes an automated industry-wide solution that enables banks to instantly verify the authenticity of bills of lading—crucial documents that represent ownership of goods in transit. The system replaces the traditional manual verification process, which previously required banks to make telephone calls or send emails to validate documents.
The new solution operates through a secure end-to-end data connection linking TFR, SGTraDex, carrier data aggregators and ocean carriers. Approximately 70% of TFR participant banks are expected to adopt the system as part of their verification procedures.
This development builds upon the Duplicate Financing Check capability introduced in June 2023, which has already processed more than 18,000 queries across 40 major trade financing banks. Portcast and Ocean Network Express (ONE) have signed on as the first carrier data aggregator and ocean carrier to participate in the data connection network, respectively.
The system operates by having banks submit trade document data points to the TFR, which then connects to SGTraDex via an application programming interface (API). SGTraDex routes verification requests to carrier data aggregators, such as Portcast, which retrieve carrier information for verification purposes.
According to Ong-Ang Ai Boon, Director of the Association of Banks in Singapore, “This solution strengthens transparency and security by enabling direct, real-time verification of trade documents between banks and carriers.” The initiative is expected to enhance trust and efficiency across the supply chain ecosystem whilst strengthening fraud prevention measures.
SGTraDex has indicated plans to expand partnerships with additional carriers and data aggregators to further strengthen the utility of this industry-wide solution.
