Kung Fu Panda’s ‘Secret Sauce’ for Thriving in Digital Trade
The popular Hollywood movie offers a critical lesson for success in digital trade, especially at a time when the industry is growing wary of repetitive conversations about the future of digital trade.
What is the crucial ingredient that is needed to drive digital trade forward? While many industry players believe that there must be a single breakthrough solution to unite all stakeholders, the reality is that digital transformation is not about one big revolution.
In the latest episode of the Trade and Treasury Now podcast, Hannah Nguyen, Director of Digital Ecosystems at ICC Digital Standards Initiative, says it’s about the collective effort of individual leaders across the industry.
Nguyen draws on the example of the animated Hollywood film franchise, Kung Fu Panda, and how everyone wants to become the Dragon Warrior. Similar to how the trade industry is constantly searching for this “secret sauce”.
“There's no secret ingredient. It's not a revolution that is going to come to you. You are part of that revolution. Whether you are working in a bank, working in a trading company, in a shipping company or a broker, it’s in your role and in your power to make that shift from analog to digital,” added Nguyen.
The commercial advantage of digitalizing trade documents
There is, however, reason to be optimistic about progress on this front. A recent collection of case studies by the ICC highlights that digitizing trade documents are not only feasible but also commercially beneficial.
Nguyen cited two examples. First, BHP successfully amended an electronic Bill of Lading (eBL) in under 24 hours—a process that traditionally takes over a week. This efficiency doesn’t just save time and costs; it strengthens customer relationships and enhances market reputation.
Another case study from GSBN explored the use of tokenized eBLs for warehouse financing. By extending financing periods from the typical transport time of one month to over six months, it provided consignees with much-needed working capital flexibility. Nguyen added that in today’s volatile economic climate, such advantages can make a significant difference for businesses looking to optimize trade operations.
Key developments driving Asia’s digital trade
One region that Nguyen is optimistic about is Asia. She points to several key developments that give her reason to believe that “we can expect great things from Asia in the next 12 months”.
Singapore adopted the Model Law on Electronic Transferable Records (MLETR) in 2021, setting a legal precedent for digital trade. Hong Kong meanwhile, has committed to submit legislative proposal in 2026 to implement MLETR, reinforcing its role as an international trade centre.
Shanghai introduced groundbreaking blockchain regulations for electronic trade documents, integrating technology into trade, finance and data governance. These advancements, coupled with the upcoming ASEAN’s Digital Economy Framework Agreement (DEFA), signal regional alignment towards a standardized, interoperable digital trade ecosystem.
“ASEAN’s digital economy is going to grow by three times to reach $1 trillion by 2030, and digital trade is the first among the nine core provisions of DEFA. What this means is that together as one bloc, we can expect really positive and progressive moves towards first, enabling that legal environment for digital trade, and secondly, aligning the different member states on digital trade standards and interoperability,” said Nguyen.
Curating a digital trade roadmap
When it comes to a digital roadmap, Nguyen compared it to a curated wardrobe – a point she made on a Commodity Trading Week APAC panel in February. In her panel on “Developing Digital Roadmaps for the Next 12 Months and Beyond”, she likened a well-structured digital roadmap to a curated wardrobe.
Just as a capsule wardrobe is built on a few versatile, high-quality pieces that mix and match seamlessly, a sustainable digital trade strategy should focus on foundational elements that provide flexibility and scalability.
“When we talk about curating a digital trade roadmap and elements in it, it's about selecting the right combination of the essential elements that would harmonize, rather than an overwhelming array of different mismatch options, which then increase costs and complexity for your business,” said Nguyen.
Successful digital strategies demand that organizations stay aware of shifts in the market, regulations and technological advancements. A digital roadmap should allow room for flexibility, evolving much like a wardrobe adapts to seasons and trends. Nguyen adds that businesses that fail to anticipate industry shifts risk becoming obsolete, whereas those that remain agile will thrive in an ever-changing landscape.
Click here to listen to the full Trade and Treasury Now podcast featuring, Hannah Nguyen, Director of Digital Ecosystems at ICC Digital Standards Initiative.