HONG KONG, Dec. 19, 2023 /PRNewswire/ -- IQAX Limited, a leading innovator of digital solutions for the logistics industry, has entered into a strategic partnership with COSCO Shipping Captive Insurance Co., Ltd., the first shipping captive insurance company in China, to actively promote the development of supply chain digitization and broaden the capabilities of IQAX eBL to better meet the different needs of our customers. In a global first, this innovative strategic partnership will facilitate access to system and technical support that will make it possible for customers to transfer electronic insurance policies along with electronic bills of lading (eBL) simultaneously.
A four-party cooperative agreement between IQAX, COSCO Shipping Captive Insurance, COSCO Shipping Lines and the Global Shipping Business Network (GSBN), ensures that a shipping insurance e-platform will work together with the GSBN blockchain platform and the IQAX eBL system. A COSCO Shipping Lines (Wuhan) customer was the first to complete a synchronized transfer of both a blockchain-based eBL and an electronic insurance policy through a one-click title transfer on December 14. The successful transfer makes IQAX eBL the first eBL system in the world enabled by a trusted blockchain-based ecosystem to synchronize the transfer of electronic insurance policies.
IQAX eBL is applicable to the Uniform Customs and Practice for Documentary Credits for Electronic Presentation (eUCP) and officially obtained recognition from the International Group of Protection and Indemnity Clubs (IGP&I) in June 2022.
The support of blockchain network technology ensures the authenticity and reliability of documents managed through IQAX eBL. The technical achievement of a synchronized transfer of an eBL and an electronic insurance policy extends the practical uses of the system. Shippers can view electronic insurance policies issued from the shipping insurance e-platform directly through IQAX eBL and transfer them alongside eBLs, seamlessly transferring and sharing insurance policies. Only authorized users can view electronic insurance policies on the blockchain network, policies cannot be tampered with and are transferred synchronously with the eBL, which means IQAX eBL can provide a more trustworthy, safer, and faster solution to transfer electronic trade documents for all parties involved.
The cooperation between IQAX eBL and COSCO Shipping Captive Insurance marks a new milestone in the digital transformation of China's shipping cross-border trade, promoting the eBL system as a new engine to develop strategic emerging industries in the digital shipping economy and expanding the IQAX eBL "circle of friends". IQAX will bring customers a more powerful and convenient system experience by constantly improving the design capability of the digital solution, continuing to innovate and accumulating technical experience.
About IQAX
IQAX is a global information technology company that provides intelligent and 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, 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.