2007 Press Release
2 May 2007, Singapore – Leading IT solutions provider, CrimsonLogic Pte Ltd, further enhances TradeXchange® with the adoption of e-title™ for its Title Registry service. e-title™ is a peer-to-peer technology that enables the creation and transfer of title and negotiable documents, such as the Bill of Lading.
Title Registry will facilitate the preparation and consolidation of Trade Finance documents for the trading community. The documents include the Bill of Lading, Certificate of Insurance, Freight Invoice and Certificate of Origin. e-title™ will enable Title Registry to support the secure creation, transfer and surrender of title of goods. In addition, TradeXchange® Value-Added Service providers providing trade document management applications will be able to leverage on Title Registry to extend their services to include title documents.
Security is a major feature in Title Registry. This is facilitated by the e-title™ technology, which combines title document functionality with digital signatures to enable secure transfer during negotiation. Security is further enhanced using tamper-proof hardware, known as Hardware Security Modules (HSMs). The HSMs prevent alterations, forgery and double trading of a title document when it is in the possession of the shipper, bank or importer.
“We are excited with the technology that e-title™ brings to the Title Registry service. By adopting the peer-to-peer approach, TradeXchange® will have the capability to interoperate with emerging trade infrastructures globally,” said Leong Peng Kiong, CEO of CrimsonLogic.
Because of the unique characteristics of the Bill of Lading as a negotiable document and contract of carriage, e-titleTM fills the legislative gap by providing a private agreement that defines the rights and obligations of all parties using electronic titles.
The User Agreement is based on Common Law and will function in every major trading jurisdiction as long as they apply Common Law to the agreement.
“This is a significant step forward for our company,” said Dorothy Lim, Chief Executive of E-Title Authority Pte Ltd. “TradeXchange® is the first national trade platform in the world to adopt e-title™ to support title and negotiable documents exchange. This adoption is a major step forward for e-title™ to be recognised as a standard for peer-to-peer title exchange - between regional trade infrastructures and the international trade community.”
TradeXchange® is a neutral and secure trade platform that facilitates the exchange of information within the trade and logistics community. CrimsonLogic secured a 10- year contract from the Singapore Government in 2006 to develop and operate the system. TradeXchange® is expected to go live in October 2007.