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HONG KONG, April 18, 2024 /PRNewswire/ -- IQAX is pleased to announce that its IQAX eBL solution has won the APTFF Trade Facilitation Innovation Award for 2024. As a leader in digital trade solutions, IQAX aims to empower customers with cutting-edge tools to facilitate the digitalization of their bills of lading (B/L) processes.
Organized by the Asian Development Bank (ADB) and United Nations Economic and Social Commission for Asia and the Pacific, the Asia-Pacific Trade Facilitation Forum (APTFF) Awards spotlight innovative trade facilitation measures that promote sustainability and efficiency in global supply chains.
IQAX eBL directly addresses the criteria of streamlining procedures and leveraging blockchain technology for electronic B/L transfers and the e-presentation of trading documents. This secure solution eliminates the need to courier physical B/Ls, allowing instant title transfers online. It can generate significant benefits such as faster cargo releases, reduced risk of delays, as well as enhanced transparency and traceability throughout the supply chain.
The APTFF Award exemplifies how IQAX eBL can be leveraged to lower trade costs. By removing expenses associated with printing, couriering, potential charges from delayed cargo arrival, and errors, IQAX eBL delivers tangible cost savings. The solution has been used with more than 160,000 eBLs to date, demonstrating its impact.
In developing IQAX eBL, IQAX collaborated extensively to design a system that meets everyone's needs. Shippers, carriers, banks and all other stakeholders can now work together seamlessly on a single online platform, accelerating the flow of goods across borders. With 9,600+ registered companies in over 60 countries, IQAX eBL shows relevance and applicability on a global scale.
IQAX eBL supports the United Nations' 2030 Sustainable Development Agenda of enabling more responsible and sustainable global supply chains. Digitalizing documentation reduces paper waste and minimizes the environmental impact of trade. Lowering transport needs through eBL also cuts carbon emissions to help address climate change.
About IQAX
IQAX is a global information technology company that provides intelligent and 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, 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.
