HONG KONG, Aug. 1, 2024 /PRNewswire/ -- IQAX is delighted to announce that the IQAX eBL platform has won the 2024 Outstanding Digital Solution Award at the 13th Annual China Finance Summit (CFS), jointly sponsored by syobserve. com, gongyidaily.com, and major media outlets in China.
The CFS Finance Summit is a major event curated by leading financial and mass media organizations in China. Through diverse formats, the summit convenes business leaders and thinkers to explore the driving forces behind China's economic transformation and development. It has become one of the most influential platforms for intellectual exchange and thought leadership about China's economy.
The IQAX eBL platform prioritizes the security of bills of lading by actively introducing technological innovations into the shipping and logistics industry. Leveraging the distributed, swift transmission, immutable and traceable nature of blockchain technology, it mitigates fraud and loss risks inherent to traditional paper bills of lading. In 2022, IQAX eBL received endorsement from the International Group of P&I Clubs (IGP&I), confirming that electronic bills of lading on the platform have the equivalent legal standing to paper bills of lading.
A user-friendly and efficient experience is another key advantage provided by the IQAX eBL platform. It allows relevant trade parties to conduct e-presentations while transferring eBLs. This suits various commercial scenarios and supports bill-of-lading transfers under different payment methods.
Since launching, the IQAX eBL platform has significantly improved bill-of-lading circulation efficiency for shipping supply chain users. Not only has it reduced the processing time and cost, but it has also enhanced transportation transparency and trust among trading parties by sharing important information such as the status updates of bills of lading and container movements with transport stakeholders. To date, more than 14,000 companies have registered with the platform. Many industry-leading shipping companies such as COSCO SHIPPING, OOCL and Hapag-Lloyd are linked to the IQAX eBL platform, letting users easily manage bills of lading from multiple carriers.
IQAX eBL has processed over 240,000 original bills of lading issued by carriers. It has formed long-term partnerships with major Chinese banks, including Bank of China, Bank of China (Hong Kong), Bank of Communications, China Merchants Bank, Export-Import Bank of China, Pudong Development Bank, China CITIC Bank, Bank of Ningbo, and Shanghai Rural Commercial Bank. The objective is to promote and optimize more shipping finance services. Given its leading products and platform services in electronic bills of lading, the IQAX eBL successfully won a slew of awards such as the 2024 Asia-Pacific Trade Facilitation Innovation Award. It is widely recognized in the industry for using digital technologies to help realize a seamless, digital-first global shipping service system.
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.
SOURCE IQAX Limited