Future International Trade (FIT) Alliance

Goodbye Paper, Hello Digital: Electronic Bill of Lading interoperability is finally here The global shipping and freight industry has been sluggish with the adoption of electronic trade documentation, a key component of which is Electronic Bills of Lading.. Although the carriers, solution providers, and in some cases the law are all ready, adoption, which is a vital step towards digital transformation and efficiency in the industry has been slow.. One of the reasons or barriers often cited by some of the stakeholders for the adoption is “interoperability” – the ability for electronic trade documents to be issued or curated on one platform to be seamlessly transferred to another while retaining its legal and operational characteristics.. Well, that issue seems to have been surmounted based on two major milestones achieved in this area through the demonstration by key players (ICE Digital Trade (formerly essDOCS), IQAX, Global Shipping Business Network (GSBN), OOCL, Pacific International Lines (PTE) Ltd, Mitsui & Co., Ltd., CrimsonLogic Pte Ltd, Deqing Sunny Plastic Products Co., Ltd.,) that interoperability is now a reality.. These developments summarily answer the question “Is Interoperability in electronic bills of lading for container shipment finally here..??” Digital Container Shipping Association (DCSA) BIMCO Future International Trade (FIT) Alliance Marina Comninos Bertrand Chen Lionel Louie

What happens when the world’s leading trade and financial hubs go all-in on #digitaltrade? ✅ Singapore amended the Electronic Transactions Act (ETA) to adopt #MLETR in 2021. ✅ Hong Kong is stepping up, with the 2025 Budget making reference to #MLETR and committing to legal reforms to enable trade document digitalization. ✅ Shanghai legislature passed China’s first-ever local regulation focused on blockchain-enabled electronic documents - the “Shanghai Regulations on Promoting Blockchain Applications for Electronic Documents in Pudong New Area” - effective January 2025. Among this power triangle 🔺 of Singapore, Hong Kong, and Shanghai: 🚢 home to the world’s top 2 container ports 💱 two of the top 5 financial centers we are witnessing a fundamental shift in how trade and finance operate across Asia and beyond. Hong Kong and Singapore’s financial regulators are also active in exploring the tokenization of trade documents and the advancement of CBDCs, a forward-thinking approach to modernizing financial infrastructure. What does this mean for Hong Kong’s role as a trade and financial hub? Join #ICCDSI and Asia Global Institute on 25 March as we explore these developments and their impact on the future of trade: 📅 Global Trade Goes Digital: Achieving Transformation in Hong Kong 🔗 Register here: https://lnkd.in/gzTbXsvH Repost or share with your network! International Chamber of Commerce #ICCDSI Keith Brandt Bertrand Chen Pamela Mar Venkatraman P Heiwai Tang Wilkie Wong Tianmi Stilphen Luca Castellani

Cross-industry collaboration is a vital component of transforming the global supply chain through innovation and interoperability. Congratulations to our FIT Alliance partner Digital Container Shipping Association (DCSA) on the launch of the DCSA+ partnership programme and to their newly-signed partners.

Some wise words to ponder from ICE Digital Trade’s CoHead, MarinaComninos - born of long experience. BIMCO Digital Container Shipping Association (DCSA) International Chamber of Commerce FIATA International Federation of Freight Forwarders Associations Swift

Next week, DCSA’s CEO, Thomas Bagge, will speak at S&P Global’s TPM25 during the panel session “TPM Tech: An eBL Status Check” on Monday, 3rd March, from 4:00 pm to 4:30 pm (PST).   The session will dive into the progress the industry has made in adopting electronic Bills of Lading (eBLs), discussing key challenges and the transformative potential of digitisation in global trade.   Our Chief Growth Officer, Mariana Bock-Losada, will also be on-site to highlight the importance of collaboration in driving the industry forward. By taking a collaborative approach, we’ve been able to drive meaningful progress and develop digital processes that boosts efficiency for all industry participants.   We remain committed to scaling digital adoption and are excited to share how we plan to continue enabling a future-ready supply chain industry.   See you there!   Learn more about the panel here: https://lnkd.in/exkYmyH6   #TPM25 #Collaboration #Standardisation #Digitalisaion

The FIT Alliance's recent survey indicates that collaboration is contributing to the increase in eBL adoption as interest in trade digitalisation grows. Watch the video for our perspectives on the survey results. https://lnkd.in/ekdbf5ir Digital Container Shipping Association (DCSA) BIMCO International Chamber of Commerce FIATA International Federation of Freight Forwarders Associations Swift

FIT Alliance's 2024 eBL survey shows steady rise of electronic bill of lading adoption globally; collaboration across trade supply chain could unlock further gains. BIMCO Digital Container Shipping Association (DCSA) FIATA International Federation of Freight Forwarders Associations Swift International Chamber of Commerce

The electronic Bill of Lading (eBL) is central to the digital transformation of global supply chains and we are committed to driving its widespread adoption. In our latest article, we highlight the need for collaboration between shippers, freight forwarders and banks to promote eBL adoption and create a more efficient, secure trading environment. The digitalisation journey of the container shipping industry will not only improve the speed and efficiency of data transfer, but also boost operational efficiency and reduce the need for manual handling and intervention. While there is a strong appetite for change and growth is underway, continued collaboration will be required to overcome barriers and pave the way for a fully digital future in global trade. Read the full article here: https://lnkd.in/esJjn-ab #eBL #SupplyChain #Collaboration #DigitalTransformation #FITAlliance

Another inspiring success story to share - this time from Malaysian company GMG - Giga Maritime Group who partnered with ICE Digital Trade (formerly essDOCS) to convert a slow and costly 10,000 paper bills of lading process into into a 100% eBLs solution. Well done Giga! BIMCO Digital Container Shipping Association (DCSA) Swift FIATA International Federation of Freight Forwarders Associations International Chamber of Commerce

As part of its series of concise guides to electronic bills of lading, the FIT Alliance has published a guide for the financial sector. Copies are available to download free of charge by following the link below where you can also download guides for bulk shipping, container shipping, and freight forwarders as well as a useful guide on legal reform. https://lnkd.in/dEturGHp BIMCO Digital Container Shipping Association (DCSA) FIATA International Federation of Freight Forwarders Associations Swift International Chamber of Commerce