(MLETR) Model Law on Electronic Transferable Records to bring business momentum for a digital big bang
MLETR allows the exchange of original documents through any digital channel with Swift, which is fully aligned with the rules under eUCP600 and eUC522
Digital documents or electronic records will permit corporates, banks, and all stakeholders of the Trade Finance ecosystem to eliminate unnecessary bureaucracy, reduce costs and delays, speed up the transactions and increase the overall profitability
Many countries have taken action to encourage MLETR adoption under ICC4 governance in which Bahrain, Singapore, and Abu Dhabi Global Market3 has already adopted the MLETR
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