DBS Bank and Maptrasco Partnered to Complete eBL Transaction

Current Context: First live eBL transaction between India and Singapore, which was completed by DBS Bank and Maptrasco, a commodities trader.The transaction was completed on August 25, 2023, and it was announced by DBS Bank and Maptrasco on August 26, 2023.

• The transaction was carried out under the TradeTrust framework, an initiative by the Infocomm Media Development Authority (IMDA) and supported by Enterprise Singapore.
• The project leverages the United Nations Model Law for Electronic Transferable Records and aims to drive cross-border document and title exchanges.
• The transaction was a milestone in the digital transformation of trade financing, as it improved efficiency, reduced operating costs, and significantly sped up transaction times. It also marked the first step towards a truly digital trade corridor between the two nations.
• The transaction involved shipments of steel coils from India to Singapore, which were financed by DBS Bank using digital Letters of Credit (LCs).
• The eBLs were issued by Maptrasco using the WAVE BL platform, which is one of the TradeTrust-enabled platforms. The eBLs were then transferred to DBS Bank electronically, and the bank verified and authenticated them using the TradeTrust network.

Question:

Q.1 Which authority initiated the TradeTrust framework that was used in the transaction?
a. Enterprise Singapore
b. Infocomm Media Development Authority (IMDA)
c. Monetary Authority of Singapore (MAS)
d. Ministry of Trade and Industry (MTI)