Saudi Arabia Completes IBM TradeLens Pilot for Cross-Border Blockchain Trade
Officials have confirmed the country’s FASAH trade platform was linked with TradeLens.
Customs authorities in Saudi Arabia have concluded a pilot scheme linking its cross-border trade platform FASAH with IBM and Maersk’s TradeLens blockchain platform. A press release from Dec. 26 reported the pilot’s conclusion.
For Saudi Arabia, the move forms part of authorities’ desire to expand the country’s economy via the Vision 2030 initiative.
“The pilot comes in line with our strategy that aims to facilitate trade and enhance security levels, while working to establish the kingdom as one of the world’s premier logistics hubs,” Saudi Customs governor Ahmed Alhakbani commented in the release, adding:
“The recent pilot to link FASAH to the TradeLens platform clearly illustrates that we are on the right track.”
In December, a partnership launched to develop interbank blockchain tools for Islamic finance, while the Kingdom also announced it was joining the UAE in creating a joint cryptocurrency for interbank transactions.