The endgame for paper in global trade

Efforts to promote an electronic bill of lading and a recent UK law aim to digitalise much of global trade.

by Liz Lumley

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Image: Getty Images

In the ongoing efforts to bring global trade into the digital age, initiatives from industry bodies, governments and financial institutions are steadily progressing.

The FIT Alliance has announced a commitment to the development and promotion of an electronic and universal bill of lading standard. The FIT Alliance was formed in 2022 by Bimco, the Digital Container Shipping Association (DCSA), the International Federation of Freight Forwarders Associations, the International Chamber of Commerce, and Swift. In forming the alliance, the groups have united behind the mission to standardise the digitalisation of international trade.

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Liz Lumley

Liz Lumley is deputy editor at The Banker. She is a global specialist commentator on global financial technology or “fintech”. She has spent 30 years working in the financial technology space, most recently as director at VC Innovations and architect of the Fintech Talents Festival, managing director at Startupbootcamp FinTech London and an editor at financial services and technology newswire, Finextra. She was named Journalist of the Year for Technology and Digital Finance at State Street’s UK Press Awards for 2022.