Proposed changes to the Singapore Electronic Transactions Act would allow for legal document digitalization
The Singapore Parliament introduced various amendments to the Electronic Transactions Act (ETA) on 4 January 2021. The ETA aims to facilitate electronic transactions in Singapore and provides for the legal recognition and use of electronic signatures and records, thereby giving predictability and certainty to electronic transactions. The recent amendments to the ETA allow for the digitalization of cross-border trade documents such as bills of exchange, promissory notes and bills of lading to be legally recognized and aim to reduce the time and money required to process a huge amount of paperwork. The changes will take effect on a future date appointed by the relevant ministry.
As part of the government’s broader digitalization journey, the Ministry of Social and Family Development (MSF) has also proposed to digitalize the lasting power of attorney (LPA), which allows an appointed person to make medical and financial decisions on another’s behalf should the latter lose mental capacity.
Amendments Introduced To Electronics Transactions Act
Broad Adoption of Model Law
Several new provisions have been introduced to the ETA for the purpose of adopting the UNCITRAL Model Law on Electronic Transferable Records (Model Law). The Model Law aims to enable the legal use of electronic transferable records both domestically and across borders. It applies to electronic transferable records that are functionally equivalent to transferable documents or instruments. read more