Siemens, Commerzbank and FMS complete digital trade trial between Germany and China - Trade Treasury Payments

Siemens AG, Commerzbank AG, and logistics provider Fr. Meyer’s Sohn (FMS) have completed a cross-border trade pilot using fully digital documentation between Germany and China. The transaction, executed in a controlled environment, reduced document processing time from approximately two weeks to under two hours.

The pilot used Enigio’s trace:original technology to issue and transmit an electronic bill of lading (eBL), with interoperability achieved through the Chinese TradeGo platform. All parties involved (including a Chinese issuing bank) operated within a simulated eUCP-compliant letter of credit framework.

The end-to-end transaction involved the exchange of digital original documents, including the eBL, between Siemens (exporter), Commerzbank (advising bank), the Chinese bank (issuing bank), and the importer in China. Document handling, verification, and transfer were completed in less than two hours.

According to Siemens, the pilot is part its effort to evaluate the benefits of digitising trade documentation under letters of credit. Commerzbank supported the transaction as advising bank and technical facilitator. The bank indicated that the PoC contributes to its ongoing efforts to enable digital trade finance processes for export-oriented clients.

Jörg Motel, Global Head of Product Management Trade Finance, said, “Digital trade is no longer a distant vision – it’s here. As one of the first German banks to have performed this Proof of concept with a major Chinese bank, we’re excited to explore new opportunities with electronic documents in the evolving landscape of global trade.”

The pilot aligns with regulatory and industry efforts to transition from paper-based to digital trade documentation, particularly under ICC rules and relevant electronic trade laws. A key enabler of the successful transaction was the interoperability between Enigio’s trace:original and TradeGo, which was built on standards developed by the Digital Container Shipping Association (DCSA).

FMS, which issued the eBL, noted that paper-based processes remain a significant source of delay in international trade and sees digital solutions as one method of reducing administrative friction.

Gunnar Collin, Director at Enigio, said, “This collaboration proves that true digital trade doesn’t require everyone to be on the same system – just systems that can talk to each other.”

Following the pilot, Siemens and Commerzbank are evaluating options to extend the digital trade documentation across its operations, with both pointing to potential benefits in speed, auditability, and compliance, particularly in markets with high documentation volume as a major benefit.

The results of the pilot are consistent with ongoing developments in trade digitisation, including regulatory reforms and increasing private-sector adoption of digital tools. While scalability remains dependent on legal harmonisation and wider ecosystem participation, the trial offers a reference point for future implementation.