The Global Shipping Business Network (GSBN) and the digital trade finance network Contour have announced they will partner in order to offer an end-to-end digital solution in trading, financing and shipping sectors worldwide.
As Covid-19-related lockdowns and the subsequent explosive growth in e-commerce have pushed the logistics industry to its limits, the two partners will collaborate in relieving this pressure.
In particular, GSBN’s blockchain-enabled operating system and its product Cargo Release enable efficient digital sharing of verified logistics and cargo data.
This streamlined operation increases the speed of logistics across the global supply chain, as it enables cargo to be ready for release from days to a matter of hours.
The partnership with Contour’s network, which digitises paper-based trade finance processes such as Letters of Credit (LCs), will drive interoperability for users of both solutions.
By harnessing both solutions, corporates can experience a seamless connection between the physical supply chain and the financial system, according to a statement.
Furthermore, the collaboration will support the entire workflow involved in trading goods around the world, from accessing trade finance and managing the documents underpinning the shipping process, to having goods released from a port.
Therefore, participants including importers, exporters, logistics service providers, and financial institutions will benefit from the improved efficiency and reduced cost.
“Today’s global shipping industry is struggling to keep up with the rising complexities of supply chains, markets and economies and digital transformation is key to addressing these challenges, but this can only be achieved by breaking down the different silos in the supply chain,” commented CEO of GSBN, Bertrand Chen.
“This partnership with Contour breaks down another silo by connecting the physical supply chain to the underlying financial system,” he noted.
CEO of Contour, Carl Wegner, said that “The problems that have beleaguered global trade for years are slowly becoming a thing of the past as adoption of innovative digital technologies picks up pace.”
After its collaboration deal with China’s major shipping port groups, the Hong Kong-based technology consortium GSBN continues to grow its footprint which complements Contour’s presence as a leading digital trade network across Asia and beyond.
A range of industries, such as metals, energy, petrochemicals, textiles, soft commodities and retail have conducted LC transactions on the Contour digital trade finance network, which has recently announced that it will soon expand.
