Supply chain management is a mess. We are here to fix that.
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BOEX CIC is on a continuous path of improvement. Being part of our network ensures you will not only improve your international trade and supply chain management, your use of the platform will ensure key community projects are properly funded. As a CIC, enshrined into the company’s DNA is the stipulation that 65% of profits go toward community projects.
International trade was stuck, using archaic paper based processes – changed little since the 1940s. Similarly girls’ education has only made slow incremental improvements. Statistically, in countries affected by fragility, conflict, and violence (FCV) girls are 2.5 times more likely to be out of school than boys, and at the secondary level, are 90% more likely to be out of secondary school than those in non-FCV contexts.
With the creation of the Digital Documents Act of 2023, legal digital contracts have been incorporated into UK law. A major hurdle for improving international trade has been eliminated. BOEX CIC is pioneering the ethical, community focused improvement of international trade for SMEs through the UK in order to put money back into the community.
Following the UK Electronic Trade Documents Act coming into force, we have seen transformational improvements to the way companies are trading. The opportunity now is to scale these benefits to all trading companies.
Trade digitalization and faster e-transactions benefit companies of all sizes and sectors in a myriad of ways. These include:
For corporate treasuries, finance directors
For compliance managers/directors
For supply chain/procurement managers/directors
For small businesses and business owners
The following benefits are a summary from 16 case studies between September – November 2023
15% increase
in profitability
Transactions
completed in 1 hour
Berthing times reduced
to minutes
100% increase
in trade flow
100% reduction
in data requirements
100% removal
of logistics paperwork
80% reduction
in border waiting times
Data transfer in 1 min
30% reduction
in operation cost
18% reduction
in shipping costs
15-20% reduction
in costs
15% increase in
on-time delivery rates
$3-400 saving
per transaction
Liquidity raised
7 days faster
Land sales completed
in 24 hours
Source: ‘Seizing the moment; unleashing the potential of trade digitalisation, 2023, ICC United Kingdom/Centre fir Digital Trade and Innovation.
Digitalising trade transactions will boost national economic growth by delivering:
£25 billion
in trade growth
£224 billion
in efficiency savings
35% SME
efficiency gain
£1 billion
in additional trade finance
80% reduction
in trade transaction costs
There is a multi-trillion economic opportunity for UK exporters, solution providers and investigators to improve the way we trade internationally. Digitalising trade transactions will boost global growth:
$9 trillion
in trade growth
$1 trillion
across the commonwealth
$1 trillion
across the ASEAN
$500 billion
trapped cash across global supply chains will also be reduced, this is estimated to reduce the SME $2.7 billion trade finance gap by 50%.
Source: ‘Creating a Modern Digital Trade Ecosystem; the economic case to reform UK law and align to the UNCITRAL Model Law on Electronic Transferrable Records (MLETR)’, ICC United Kingdom, 2021. Impact assessment of the Electronic Trade Documents Bill’, 2022.
Source: ‘G7 | Creating A Modern Digitial Trade Ecosystem Cutting The Cost And Complexity of Trade’, ICC United Kingdom, 2021. Quantitative Analysis of the Move to Paperless Trade’, The Commonwealth, 2023. ‘Study on the ASEAN Digital Economic Framework Agreement’ Boston Consulting Group, 2023.
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