IQAX Limited, a global information technology company, has announced that it has entered into a strategic partnership with COSCO Shipping Captive Insurance Co., Ltd., a Chinese shipping insurance firm, to promote the capabilities of IQAX electronic bills of lading (eBL).
This strategic alliance between the two firms will provide consumers with access to the system and technical support, allowing them to transfer electronic insurance policies, as well as eBL at the same time.
IQAX also confirmed that the agreement features a four-party collaboration agreement between IQAX, COSCO Shipping Captive Insurance, COSCO Shipping Lines, and the Global Shipping Business Network (GSBN).
Moreover, on December 14 2023, a COSCO customer was the first to carry out a one-click title transfer that coordinated the transfer of both a blockchain-based eBL and an electronic insurance policy.
From what we understand, the partnership between the two organisations will stipulate that a shipping insurance e-platform will collaborate with the Global Shipping Business Network (GSBN) and the IQAX eBL system.
In a statement, IQAX noted that the cooperation 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.
