On 4 January 2021, the Electronic Transactions (Amendment) Bill (Bill No.1/2021) (Bill) was read in Parliament for the first time and subsequently passed on 1 February 2021. The Bill seeks to make changes to the Electronic Transactions Act (ETA) (Chapter 88 of the 2011 Revised Edition).
The changes to the ETA reflect Singapore’s drive towards becoming a Smart Nation by allowing for the digitising of trade-related documents. This is a welcomed move, especially for the maritime industry, given that instruments such as bills of lading and bills of exchange were previously excluded from the scope of the ETA. Much productivity can now be gained through the use of trade facilitation systems.
The amended ETA now, in effect, adopts the UNCITRAL Model Law on Electronic Transferable Records (2017). This Article summarises four (4) key changes to the ETA.
If you have any questions regarding this article, please contact Gilbert Leong.
Dentons Rodyk thanks and acknowledges Practice Trainee Kimberly Boo for their contributions to this article.
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