Vietnamese technology company PILA and Singapore-based TOTM Technologies signed a memorandum of understanding (MoU) on August 13 to develop cross-border digital trust infrastructure for ASEAN.
As global trade increasingly shifts to digital platforms, countries and regions are developing digital trust infrastructure to ensure the authenticity and interoperability of data in cross-border transactions.
The partnership aims to establish a trusted digital verification platform for cross-border transactions, helping promote digital trade, reduce verification costs and strengthen trust among businesses, financial institutions and regulators.
In the initial phase, the two companies will conduct a proof of concept (PoC) using Verifiable Credentials (VCs) as an additional digital trust layer for letters of credit (L/Cs) between Vietnamese and Singaporean banks.
The initiative will be built on the TradeTrust technical framework of Singapore’s Infocomm Media Development Authority (IMDA), creating a trusted digital trade corridor between the two countries.
The two sides will also study cross-border payment infrastructure based on digital trust, initially connecting Vietnam, Singapore and Indonesia before expanding across ASEAN.
 
Source: en.vneconomy.vn/firms-from-vietnam-and-singapore-partner-to-develop-cross-border-digital-trust-infrastructure.htm