The South Korean authorities are looking to introduce a new digital trade foundation, powered by blockchain and specifically aimed to bring down the trading costs. 

Particularly, on October 14, South Korean Finance Minister Hong Nam-ki has publicly revealed a new project – dubbed “Development Plan for Digital Trade”. The new plan has a primary goal of incorporating cutting edge tech, nominally blockchain, big data and AI, into the existing trade finance ecosystem of the nation, by 2021. 

“We will build a digital trading platform that can be easily and conveniently used in all stages of export, such as contracts, customs and logistics.”

The Korean government has also set up a new digital trade foundation, in an attempt to develop e-commerce exports, as well as to bring enhancement to the current speed and time factors of the trade finance by 90%. 

Vice Minister of Commerce and Industry Chung Seung-il revealed that said initiatives are to serve a common goal – reinforce the pioneering stance of South Korea in the global digital trade market, and develop  the Korean online export support base. 

“We will make trade more convenient by integrating and providing trade information and export support services of government and trade organizations.”