GUUD, a leading player in the cross-border trade technology space, has officially launched its revolutionary eWallet solution GFAST as part of its Trade Finance Application Portal (TFAP) offerings. 

This proprietary GUUD Fintech API Service (GFAS) platform is set to revolutionize the exchange of electronic Bill of Lading (eBL) and trade documents by streamlining workflows electronically. GUUD's GFAST eWallet operates as an API service layer, seamlessly integrating banks' platforms with the TradeTrust framework. The TradeTrust framework spearheaded by Singapore's Infocomm Media Development Authority IMDA aligns with international standards and frameworks, including the United Nations Commission on International Trade Law (UNCITRAL) and the Model Law on Electronic Transferable Records (MLETR), to facilitate cross-border document and title exchanges.

The GUUD Fintech API Service (GFAS) has already achieved a milestone by facilitating its first cross-border transaction for eBL verification and transfer. This transaction involved key stakeholders such as DBS and ICICI Bank in Singapore and India, shipping carrier A.P. Moller-Maersk, and traders Maptrasco and Jindal Stainless. The primary goal of this initiative is to pave the way for a paperless and simplified international trade ecosystem that leverages blockchain technology to enhance efficiency, accuracy, security, and cost-effectiveness. ICICI Bank, India, has expressed a strong interest in utilizing a fintech platform based on the TradeTrust framework that can seamlessly integrate with the bank's blockchain-based platform for Letter of Credit (LC) issuance, LC advising, and bill presentation. 

GUUD's Fintech API Service (GFAS) offers an eWallet solution via API integration with ICICI's platform. GFAS manages the TradeTrust eBLs and other trade documents on behalf of clients, eliminating the need for them to own and manage the ewallets. It effectively executes actions such as issuing, endorsing, transferring, or surrendering eBL instructions from ICICI Bank using native cryptocurrency for recording ownership transfers on the public blockchain. 

Mr. Desmond Tay, CEO of GUUD Pte Ltd, commented, "Our GFAST capabilities, combined with our suite of cross-border trade technology solutions such as electronic Certificate of Origin (eCO) and electronic Delivery Order (eDO), streamline the exchange of cross-border trade documents. Paired with our trade finance solutions within the RYTE TFAP, including real-time trade finance products like Letters of Credit, Banker's Guarantees, and Invoice Financing, our solutions empower businesses with streamlined and secure digital supply chain management."

Key functions of GFAS include:

• Wallet creation, amendment, and retrieval for ICICI and its clients

• Facilitating eBL import and export processes

• Creation of TradeTrust tokens (.tt files) for transferrable documents and DID for non-transferrable documents

• Verification of the authenticity and provenance of trade documents uploaded to the platform

• Transfer and surrender of transferrable documents

• Entities not integrated with the TradeTrust framework can utilize GUUD's APIs through the ICICI platform to generate, issue, verify, transfer, or surrender tokens (.tt) or DID files.

• Manage the whitelisting of wallets for external parties to ensure security and accuracy within the system. This precautionary measure helps reduce the likelihood of errors or compliance issues in the trade document workflow involving external parties.