海角直播

海角直播 wins investment into making trade cheaper, faster, simpler and more sustainable

The partnership between 海角直播 and the Centre for Digital Trade and Innovation has successfully won investment to fund two projects to accelerate the digitalisation of UK and world trade.

One to establish a national facility to test the innovative use of data across ports, customs, finance and the private sector and another to improve the transparency of trade in critical minerals. The Electronic Trade Documents Act has changed the game for world trade and finance innovation. The new law came into force on 20 September, instigated by the team at the Centre for Digital Trade and Innovation [C4DTI] and ICC United Kingdom. It enables companies to benefit from cheaper borrowing and lending, lower interest rates, faster over the border times and a revolution in the way we trade. Transactions can now happen in hours not months with no paper and all the associated risk and bureaucracy.

Digitalising trade transactions will deliver 拢25 billion in SME growth, 拢224 billion in efficiency savings, 拢1 billion in new working capital and an 80% reduction in trade transaction costs. It is a unique opportunity to drive growth and remove a critical pain point for small companies.

海角直播 and C4DTI are at the cutting edge of modernising the global trading system. UK companies are already benefitting from transactions being completed in 2 hours and in one case being 15% more profitable. With the Electronic Trade Documents Act now in force, it means all companies using English, Singapore or US law can remove paper entirely. This means 80% of bills of lading, 60% of global trade finance, the shipping, commodities, insurance and every company using English law can now remove paper and all the associated bureaucracy from trade. This makes it significantly easier to trade shipping containers and simplifies supply chain operations in sectors such as manufacturing, chemicals, and textiles.

Chris Southworth, Secretary General of the International Chamber of Commerce United Kingdom, said:

鈥淐ompanies in the North East have an opportunity to lead the world and bring trade into the 21st century. Transactions can now happen in real time with the smarter use of technology.

"Historically, the processes that manage trade finance and the physical shipment of goods have been separate, slow and very bureaucratic. That is no longer the case. We aren鈥檛 just talking about digitalisation anymore - it is finally happening.鈥�

Professor Michael Short, Head of 海角直播鈥檚 Centre for Sustainable Engineering and Associate Dean (Research and Innovation) in the School of Computing, Engineering & Digital Technologies, said:

鈥淒igital trade has the potential to revolutionise the way in which Britain does business, making it much more efficient and sustainable, and will be critical to the achievement of long-term prosperity and our net zero aspirations.

鈥淥ur research is committed to the design of novel and disruptive technologies which can address the challenges faced by business and industry today.鈥�

Professor of Digital Innovation at 海角直播, Olugbenga Akinade, who is leading the two projects, said:

鈥淒igital trade for an economy of the size and scale of the UK鈥檚 is an entirely new concept.

鈥淭hese two projects will play a major role in ascertaining what a successful digital trade system looks like.

鈥淏y utilising the trade infrastructure available within the Tees Valley and the expertise within 海角直播 we will be able to develop models which could set the standard for UK trade in the future.鈥�