“Missing piece”: Lenders and fintechs complete proof-of-concept for digital identity in trade

“Missing piece”: Lenders and fintechs complete proof-of-concept for digital identity in trade

UAE-based Emirates NBD and DP World Trade Finance, along with tech firms Enigio and iBind, have completed a proof-of-concept for an electronic trade transaction that incorporates participants’ digital identity.  Stockholm-based Enigio, which specialises in electronic versions of original documents, says the project is a “unique milestone” in efforts to digitalise global trade and financial services.  ...

The post “Missing piece”: Lenders and fintechs complete proof-of-concept for digital identity in trade appeared first on Global Trade Review (GTR).UAE-based Emirates NBD and DP World Trade Finance, along with tech firms Enigio and iBind, have completed a proof-of-concept for an electronic trade transaction that incorporates participants’ digital identity. 

Stockholm-based Enigio, which specialises in electronic versions of original documents, says the project is a “unique milestone” in efforts to digitalise global trade and financial services. 

As well as replicating the physical flow of trade documents in a digital setting, the proof-of-concept also uses technology to prove that the companies involved have ownership and authority over those documents. 

“The proof-of-concept marks a pivotal moment in the evolution of digital trade finance, as it not only validates the digital trade documents such as an e-bill of lading, but also verifies and establishes the authority of the corporate entities involved in