Singapore, 17th December 2024 - HAKOVO is pleased to announce the successful completion of Japan - Indonesia Trade corridor digital platform integration project which was adopted by JETRO under the “Program for Strengthening Overseas Supply Chains”.
Since Nov 2023, HAKOVO has been collaborating with TradeWaltz, which is operating digital trade platform, to significantly streamline trade procedures between Japan and Indonesia. With this digital integration with Japan market, HAKOVO, which primarily operates in the ASEAN region, aims to further expand to other ASEAN countries.
In the PoC, the shipping document data entered by Japanese exporters into “TradeWaltz™” was directly linked to Indonesian importers through HAKOVO Platform. On the Indonesian side, the linked data was used to facilitate interactions between importers and customs brokers, and even the customs clearance process from brokers to customs, without using any paper.
This integration has largely reduced the time associated with customs declaration preparation, which previously took 18 hours for document, email exchanges and confirmations, to 37 minutes, a 96% reduction. Additionally, the number of steps in the customs broker's workflow was reduced by 58%, and the cost per transaction reduced by 67%, showing significant efficiency improvements. It was also confirmed that the platform allows for instant verification, correction, and approval tasks between importers and customs brokers, greatly enhancing communications.
“TradeWaltz has been established for four years. We have undertaken many overseas projects, but with the realization of the TradeWaltz-HAKOVO collaboration, it is now possible to conduct customs procedures in the Japan-Indonesia trade flow without using paper on the Indonesian side. This is a significant step for TradeWaltz, and we hope to apply the knowledge gained from this collaboration to other ASEAN countries” said Mr. Takahiro Sato, CEO of TradeWaltz Inc.
HAKOVO Founder & CEO, Takayuki Akahodani, added “With the establishment of the world's first TradeWaltz-HAKOVO digital collaboration with the Japanese market, we are now moving towards further strengthening the entire supply chain and digitalizing operational tasks. This digital collaboration will drive the digitalization of trade, including in the industrial parks in the eastern suburbs of Jakarta, where many Japanese manufacturers have established operations. Furthermore, we will continue to expand the digitalization of trade to other ASEAN countries in the future.”
TradeWaltz: https: //www.tradewaltz.com/news/9884/
About TradeWaltz
TradeWaltz Inc. offers “TradeWaltz™”, a SaaS-based collaborative trade facilitation platform that streamlines the one-stop management of global trade information. NTT Data and 18 major trade practitioners formed a Trade Consortium, and after four years of activities—including system development, technical proof of concept (POC), legal reform advocacy, and business incubation—“TradeWaltz™” was finally commercialized.
The business is operated by the investment of the following 18 leading Japanese companies.
NTT DATA Corporation, Toyota Tsusho Corporation, UTokyo Innovation Platform Co., Ltd., Sumitomo Corporation, Mitsubishi Corporation, TW Link Corporation (Joint Venture of Kanematsu Corporation), Tokio Marine & Nichido Fire Insurance Co., Ltd., Sumitomo Mitsui Banking Corporation, Toyoshima & Co., Ltd. , Kamigumi Co., Ltd. , FUJITRANS CORPORATION, Mitsui-Soko Holdings Co., Ltd., Nissin Corporation, MUFG Bank, Ltd., Marubeni Corporation, Mitsubishi Logistics Corporation, Mizuho Bank, Ltd., Sompo Japan Insurance Inc.