In a recent blog, we highlighted that approval had been received from the ICC Banking Commission Executive Committee to proceed with the drafting of a new set of rules that will be agnostic in nature with regard to the technology that will be used to facilitate the widespread digitalisation of trade finance.
The working title of these rules will be the Uniform Rules for Digital Trade (URDT).
A drafting group and a consulting group have been established, and the drafting group has already held some preliminary meetings.
An initial update will be provided during the ICC Banking Commission meeting in Beijing in April 2019.
We are both involved in this project in an advisory role and will keep you updated as and when information is available that can be freely distributed.