The blockchain-based trade documentation platform created by the Global Shipping Business Network (GSBN) has expanded its footprint, with the roll-out of the Cargo Release operating system at ports in Hong Kong, Singapore and Laem Chabang in Thailand. Cargo Release provides a digital platform to connect the various stakeholders involved in transactions at a port of import, including shipping lines, consignees, their agents and terminals, with the aim of reducing the time for cargo to be document-ready for release. The system was first introduced in China and is now being rolled out in Southeast Asia by port operators Hutchison Ports and PSA International, covering some of their major ports across the region. Hutchison Ports and PSA International are both founding members of the GSBN consortium. “Southeast Asia is a strategically important hub for trade and the rollout of Cargo Release in the region marks an important milestone in the shipping industry’s digital leap,” said Bertrand Chen, CEO at GSBN. “We are fully committed to supporting this push by harnessing our operating system to drive efficiency, resilience and trust across all market participants.” The Southeast Asia roll-out follows on from GSBN’s recent signing of a Memorandum of Understanding with eight major shipping port groups in China to begin the introduction of its blockchain platform, with the support of China’s Ministry of Transport and the China Port Association.
CNY - Chinese Yuan Renminbi