GSBN’s Cargo Release rolls out across Southeast Asia
GSBN is expanding its footprint into Hong Kong, Singapore and Thailand to modernize global trade and benefit even more stakeholders in the ecosystem
24 August 2021, Hong Kong SAR – Global Shipping Business Network (GSBN), the world’s first independent, not-for-profit technology consortium to build a blockchain-enabled operating system designed to redefine global trade, today announced that it has expanded its global footprint by rolling out Cargo Release to Hong Kong, Singapore and Laem Chabang in Thailand.
Cargo Release offers a paperless, highly efficient and transparent solution connecting everyone involved at the port of import including shipping lines, consignees, their agents and terminals. This product cuts the time for cargo to be document-ready for release from days to hours. Building on its success in China, Cargo Release is now being rolled out in Southeast Asia by port operators, Hutchison Ports and PSA International, covering major ports across the region.
Bertrand Chen, CEO at GSBN, said, “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. 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 shipping industry is experiencing tremendous growth, driven by the cross-border eCommerce boom. Singapore and Malaysia alone account for over 50% of the total cross-border eCommerce market in the region, and 55% of all online transactions in Singapore involve overseas sellers. The rollout of Cargo Release across Southeast Asia will help the industry meet the growing shipping demand and better capitalize on the cross-border eCommerce opportunities.
Shao Wenbin, Deputy GM at COSCO SHIPPING Lines Southeast Asia said, “As a founding member, it is great to see GSBN scale and maintain their momentum following their success in China. This expansion into Southeast Asia is pivotal in the consortium’s mission to redefine trade, by bringing the benefits of their operating system to strategically important trade hubs and markets. We look forward to GSBN extending their reach into even more regions around the world.”
Philip Ho, CEO at OnePort said, “As a port community working with key terminal operators in Hong Kong including Hongkong International Terminals Limited (HIT), Modern Terminals Limited (MTL) and COSCO-HIT Terminals (Hong Kong) Limited (CHT) to improve the efficiency of the business processes at the Port of Hong Kong, we are delighted to see that GSBN, also incorporated in Hong Kong, extend its reach across our thriving region. We look forward to integrating GSBN’s Cargo Release and OnePort’s electronic Release Order (eRO) platform, which will further remove the bottlenecks and pain points in an otherwise paper-based importing process in the Hong Kong port community, and collectively unlock new economic value in global shipping.”
Eddie Ng, Vice President (Group Cargo Solutions / Platform Development) at PSA International said, “Digital transformation is absolutely fundamental to the future of trade in Asia. As a founding partner of GSBN, PSA is pleased to support GSBN’s expansion into Southeast Asia. Cargo Release is a digital solution that has the potential to drive new efficiencies and support the region’s status as a thriving global trading hub. More importantly, Cargo Release demonstrates the value of trusted and secure sharing of data between supply chain ecosystem partners, and we look forward to participating in and supporting more of such initiatives.”
GSBN was founded by 8 global shipping lines and terminal operators accounting for one in every three containers handled in the world. The mission of the technology consortium is to build the data infrastructure needed to enable modern and efficient global trade.
Recently, GSBN signed a Memorandum of Understanding with eight major shipping port groups in China with the support of China’s Ministry of Transport and China Port Association, to accelerate the digital transformation of the shipping and logistics industry.
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Incorporated in Hong Kong, the Global Shipping Business Network (GSBN) is the world’s first independent, not-for-profit technology consortium to build a blockchain-enabled operating system to redefine global trade. The platform facilitates trusted collaboration between disparate and competing market participants, as well as enabling greater efficiencies and resilience. It also aims to expand the global trade ecosystem by creating bridges to new market participants including banks, fintech companies and other consortia, while supporting the development of technology-driven innovation as the sector makes the leap to digital.
The consortium was first founded by 8 global leaders in the global shipping industry accounting for one in every three containers handled in the world. Members include COSCO SHIPPING Lines, COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International, and Shanghai International Port Group. www.gsbn.trade
Edelman for GSBN
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