#None #EBL #IQAX #IG P&I Clubs

Breaking Barriers in Digital Trade: IQAX eBL Interoperability

In a significant move for digital transformation in trade documentation, IQAX Limited announced that its electronic bill of lading (eBL) solution has received the stamp of approval from the International Group of P&I Clubs (IG P&I Clubs). This approval pertains to the interoperability of the IQAX eBL system through an updated addendum released on December 6, 2024.

Enhancing Global Trade Documentation

The acceptance of the IQAX eBL interoperable addendum marks a pivotal moment for the logistics and trade industries, as it allows seamless transitions for eBL transactions between IQAX and other eBL solution providers. This development is not just a validation but a step towards achieving a fully integrated digital documentation system across various platforms in global trade.

Since its initial endorsement from the IG P&I Clubs in June 2022, IQAX eBL has garnered the trust of more than 20,000 customers who utilize it for their digital bill-of-lading operations. The Chief Commercial Officer of IQAX, Lionel Louie, emphasized the importance of this approval for their customers, stating that it ensures eBL-related liabilities are adhered to the same standards as traditional paper bills of lading.

Legal Compliance and Scalability

The new interoperability features have been designed with attention to legal requirements, ensuring compliance with the standards set by the IG P&I Clubs. The interoperable eBL employs the Global Shipping Business Network (GSBN) as a Control Tracking Registry, which ensures the uniqueness and validity of every eBL transaction. This not only adheres to legal prerequisites but also creates a scalable solution, facilitating the adoption of the electronic bill of lading across the maritime sector.

IQAX's recent collaboration with ICE Digital Trade serves as a practical precursor to cross-platform eBL transfers, designed to enhance security and ensure legal compliance throughout the transaction process. This innovation reflects the company’s commitment to leading the digital transformation in trade documentation.

Future Outlook and Partnerships

Looking ahead, Lionel Louie stated that the approval positions IQAX as a frontrunner in digital trade innovation. He expressed optimism about forming strategic partnerships with organizations that share a similar vision for a connected future, indicating an eagerness to drive the digital evolution of global trade documentation.

IQAX Limited isn't merely adapting to change; it aims to steer the narrative in digital trade. The ongoing expansion of its network of interoperable partners underscores its dedication to meeting the changing needs of the global trade community.

About IQAX

IQAX Limited, a pivotal player in the logistics ecosystem, is recognized for leveraging intelligent digital transformation solutions underpinned by blockchain technology. With deep roots in container shipping, the company emphasizes fostering a connected global trade environment. IQAX connects various stakeholders, including shippers, consignees, freight forwarders, carriers, terminals, and financial institutions, providing them with innovative digital solutions that tackle emerging challenges in the supply chain.

As an independent entity wholly owned by Orient Overseas International Ltd. (HKEX0316), which is part of the larger Orient Overseas Container Line (OOCL)—one of the most significant integrated logistics and transport firms globally—IQAQ is well-positioned to influence the logistics infrastructure. By enhancing interoperability and expanding network connections, IQAX is redefining how trade documentation is approached in the digital age.