Breaking Down Silos: IQAX eBL Interoperability Approved by IG P&I Clubs

Rhea-AI Summary

IQAX has received approval from the International Group of P&I Clubs for its electronic bill of lading (eBL) interoperable addendum, enabling cross-platform eBL transactions. This enhancement builds on IQAX eBL's existing platform, which has served over 20,000 customers since its initial approval in June 2022.

The approved interoperable addendum utilizes GSBN as a Control Tracking Registry to ensure uniqueness and validity of interoperable transfers. IQAX has already demonstrated practical application through its interoperability initiative with ICE Digital Trade. The solution maintains standard P&I coverage for eBL-related liabilities, equivalent to paper bills of lading.

IQAX , owned by Orient Overseas International (HKEX:0316), aims to expand its network of interoperable partners to advance digital transformation in global trade documentation.

Positive

• Received regulatory approval for cross-platform eBL transactions
• Platform serves over 20,000 customers since June 2022
• Maintains standard P&I coverage for eBL transactions
• Strategic partnership with ICE Digital Trade demonstrates practical implementation

Negative

• None.

HONG KONG, Jan. 22, 2025 /PRNewswire/ -- IQAX Limited's electronic bill of lading (eBL) solution has received approval from the International Group of P&I Clubs (IG P&I Clubs) for IQAX eBL interoperable addendum (version dated 6 December 2024).

This official approval extends IQAX eBL's capabilities to include eBL transactions between IQAX eBL and other approved eBL solution providers, marking a crucial step toward achieving seamless digital trade documentation across platforms. The approval builds upon IQAX eBL's existing success, which has seen over 20,000 customers trust the platform for digital bill-of-lading transactions since its initial IG P&I Clubs approval in June 2022.

"This approval means our customers can conduct inter-platform transfers with the same confidence they've had in our standalone solution," said Lionel Louie, Chief Commercial Officer of IQAX. "They can be assured that eBL-related liabilities are covered under standard P&I terms, identical to paper bills of lading."

The newly approved interoperable addendum highlights that the current interoperable eBL approach—utilizing GSBN as a Control Tracking Registry—ensures the uniqueness and validity of interoperable transfers. This not only satisfies the legal requirements for IG P&I Club approval but also establishes a scalable and commercially viable solution that brings us closer to the goal of full eBL adoption.

IQAX's recent interoperability initiative with ICE Digital Trade, for example, demonstrates the practical application of cross-platform eBL transfers, ensuring security and legal compliance every step of the way.

"This approval positions IQAX at the forefront of digital trade innovation," said Lionel Louie. "We are now equipped to support interoperability with other eBL platforms that share our vision for an interconnected future. We look forward to establishing partnerships with like-minded organizations to drive the digital transformation of global trade documentation."

IQAX remains committed to expanding its network of interoperable partners and continuing to enhance its digital solutions to meet the evolving needs of the global trade community.

For more information about IQAX eBL and its interoperability capabilities, please contact:

engagement@iqax.com 

About IQAX

IQAX Limited is a global information technology company that provides intelligent digital transformation solutions using blockchain for enterprises in the logistics ecosystem. Backed by a strong heritage in container shipping, IQAX strives to foster a harmonized and connected global trade environment. As an industry leader, IQAX connects with shippers, consignees, freight forwarders, carriers, terminals, and financial institutions, and empowers them with digitized solutions to meet emerging business challenges throughout the supply chain.

IQAX is an independent technology company wholly owned by Orient Overseas International Ltd. (HKEX:0316), which is in turn part of Orient Overseas Container Line (OOCL), one of the largest integrated international transport and logistics companies in the world.

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SOURCE IQAX Limited

FAQ

What is the significance of IQAX's IG P&I Clubs approval for eBL interoperability?

The approval enables IQAX to conduct cross-platform electronic bill of lading transactions with other approved providers, maintaining the same P&I coverage as paper bills of lading and advancing digital trade documentation.

How many customers use IQAX's eBL platform since its initial approval?

Over 20,000 customers have used IQAX's eBL platform since its initial IG P&I Clubs approval in June 2022.

What technology does IQAX use to ensure eBL transfer security?

IQAX uses GSBN as a Control Tracking Registry to ensure the uniqueness and validity of interoperable transfers across platforms.

Who owns IQAX and what is its connection to OOCL?

IQAX is wholly owned by Orient Overseas International (HKEX:0316), which is part of Orient Overseas Container Line (OOCL), a major international transport and logistics company.

What is IQAX's partnership with ICE Digital Trade?

IQAX has established an interoperability initiative with ICE Digital Trade to demonstrate practical application of cross-platform eBL transfers with security and legal compliance.