Retail
Subscription
Advertise
  • Home
    • About Us
  • News
  • Transport
    • Air Cargo
    • Airlines
    • Maritime
    • Rail
    • Road
  • Ports
    • Airports
  • Materials Handling
    • Warehousing
  • Vehicles
    • Automobiles
    • Autonomous
    • Commercial
    • Construction
    • Truck & Fleet
  • E-commerce
  • Technology
    • Blockchain
    • IoT
    • Robotics
    • Telematics
  • Interviews
    • Analyses
    • Opinion
    • Outlook
    • View Point
  • Express Deliveries
  • Freight
  • FM
    • Waste Management
  • Expo 2020
  • Events
    • LILS KSA Summit 2023
    • LILA UAE Awards 2022
No Result
View All Result
LogisticsGulfNews.com
No Result
View All Result

Syngenta and HSBC complete paperless trade finance transaction on the TradeLens platform

by Anthony Fonseca
April 19, 2023
in Maritime

This helps to modernize critical trade finance and Supply Chain infrastructure

Containers as data -supplied image

TradeLens, the digital platform launched by IBM and AP Moller-Maersk recently announced the successful completion of an innovative letter of credit transacted with HSBC and Syngenta, using a digital bill of lading underpinned by blockchain technology.

An Agrichemical product was shipped from South Korea to Bangladesh using an entirely paperless process.

This milestone demonstrates an important step in modernizing trade finance and supply chain efficiency across the global trade ecosystem. 

Electronic bills of lading have been considered the holy grail of shipping documentation – incredibly valuable but out of reach, until now.

Today only 0.1%of original bills of lading are digitized, but with an end-to-end SaaS solution via TradeLens now available for Trade Finance transactions, original bills can move to paperless processes for all involved. 

Shared documentation

During this completed shipment, all associated documentation was shared among the parties via the TradeLens platform, including the Letter of Credit issuing bank.

Digitized documents included the electronic bill of lading directly from the ocean carrier Sealand, a Maersk Company, the Commercial Invoice, Packing List, Certificate of Origin and Certificate of Analysis, as well as the bank collection documents and the bill of lading – all underpinned by blockchain and visible to permissioned parties as soon as they were uploaded to the platform. 

As a result of the shipment, Syngenta estimated savings of 10 days in document processing lead time. They significantly improved on their ‘speed to customer’, a key value in Syngenta’s business, and avoided extra costs due to delayed paperwork, like potential destination detention and demurrage costs. 

The electronic bill of lading technology developed by TradeLens now provides a solution available to all shippers regardless of size or use case.

The TradeLens eBL (electronic Bill of Lading) for Trade Finance digitizes the trade finance process, from the issuance of the bill of lading directly from the ocean carriers’ systems, through the banking transactions, to the final surrender. 

Modernizing Infrastructure

“The need to eliminate the physical hand-off of documentation has accelerated during the pandemic. At the same time, the drive to modernize infrastructure using digital-first technology has never been more critical,” commented Michael White, CEO and Head, TradeLens.

The TradeLens ecosystem consists of more than 700 organizations, including major ocean carriers representing over two-thirds of the global market, and integrated with leading trade finance banks operating in multiple countries with a shared vision to help modernize the trade finance industry.

The platform has already tracked more than 55 million container shipments, 4.7 billion events, and more than 25 million published documents, a press communique concluded.

Want to stay updated on the latest industry news and trends? Subscribe today to receive your monthly news highlights directly in your inbox!

Tags: BlockchainNewsSea FreightTechnology
ShareTweetShareSend

Related Posts

UAE Ministry of Energy and Infrastructure announces new standards for non-members of the IG P&I Clubs
Maritime

UAE Ministry of Energy and Infrastructure announces new standards for non-members of the IG P&I Clubs

June 6, 2023
UAE Maritime Week sets ambitious goals for maritime innovation and sustainability
Events

UAE Maritime Week sets ambitious goals for maritime innovation and sustainability

May 11, 2023
Aventra Group ISO27001 certification
Maritime

Aventra Group achieves a new Milestone in Security with ISO27001 certification

March 22, 2023
Bahri Signs MoU with Suez Canal Authority
Maritime

Bahri -Suez Canal Authority come together for the joint venture cooperation establishment

March 22, 2023
Please login to join discussion

Search

No Result
View All Result

Recent News

Rydezilla and Udrive Bahrain Collaborate to Redefine the Car Rental Experience

Rydezilla and Udrive Bahrain Collaborate to Redefine the Car Rental Experience

June 8, 2023
UAE Ministry of Energy and Infrastructure announces new standards for non-members of the IG P&I Clubs

UAE Ministry of Energy and Infrastructure announces new standards for non-members of the IG P&I Clubs

June 6, 2023
DC Aviation Al-Futtaim turns 10 this year

DC Aviation Al-Futtaim turns 10 this year

June 5, 2023

LogisticsGulfNews.com, the niche media portal designed for the industry, is deeply committed to representing, serving and promoting the interests of the logistics and supply chain businesses in the region

Recent News

  • Rydezilla and Udrive Bahrain Collaborate to Redefine the Car Rental Experience
  • UAE Ministry of Energy and Infrastructure announces new standards for non-members of the IG P&I Clubs
  • DC Aviation Al-Futtaim turns 10 this year

Contact Us

For Editorial Opportunities
editor@logisticsgulfnews.com

For Advertising Opportunities
info@logisticsgulfnews.com

AARYA Media FZC LLC
A- 5805-189, Business Club
Ajman Media City.
P.O Box 29127
Phone: +971 4 368 8464
Ajman- United Arab Emirates

  • About Us
  • Advertise
  • Subscription
  • Contact Us

©️ 2021 Logistics Gulf News. All rights reserved

No Result
View All Result
  • Home
    • About Us
  • News
  • Transport
    • Air Cargo
    • Airlines
    • Maritime
    • Rail
    • Road
  • Ports
    • Airports
  • Materials Handling
    • Warehousing
  • Vehicles
    • Automobiles
    • Autonomous
    • Commercial
    • Construction
    • Truck & Fleet
  • E-commerce
  • Technology
    • Blockchain
    • IoT
    • Robotics
    • Telematics
  • Interviews
    • Analyses
    • Opinion
    • Outlook
    • View Point
  • Express Deliveries
  • Freight
  • FM
    • Waste Management
  • Expo 2020
  • Events
    • LILS KSA Summit 2023
    • LILA UAE Awards 2022

©️ 2021 Logistics Gulf News. All rights reserved