Global Shipping Business Network (GSBN), the world’s first independent, not-for-profit technology consortium to build a blockchain-enabled operating system designed to redefine global trade, has announced that it has expanded its global footprint by rolling out Cargo Release to Hong Kong, Singapore and Laem Chabang in Thailand.

Cargo Release offers a paperless, highly efficient and transparent solution connecting everyone involved at the port of import including shipping lines, consignees, their agents and terminals.

"This product cuts the time for cargo to be document-ready for release from days to hours. Building on its success in China, Cargo Release is now being rolled out in Southeast Asia by port operators, Hutchison Ports and PSA International, covering major ports across the region," GSBN said.

Southeast Asia focus

Bertrand Chen, CEO at GSBN noted the importance of Southeast Asia in world trade ⁠— thus its launch in the region.

"Southeast Asia is a strategically important hub for trade and the rollout of Cargo Release in the region marks an important milestone in the shipping industry’s digital leap," ⁠Chen commented.

GSBN noted that the Southeast Asia shipping industry is "experiencing tremendous growth," driven by the cross-border e-commerce boom.

Singapore and Malaysia reportedly account for over 50% of the total cross-border e-commerce market in the region, and 55% of all online transactions in Singapore involve overseas sellers.

Shao Wenbin, deputy GM at COSCO SHIPPING Lines Southeast Asia said: "As a founding member, it is great to see GSBN scale and maintain their momentum following their success in China."

"This expansion into Southeast Asia is pivotal in the consortium’s mission to redefine trade, by bringing the benefits of their operating system to strategically important trade hubs and markets. We look forward to GSBN extending their reach into even more regions around the world," he added.

Eddie Ng, vice president (Group Cargo Solutions / Platform Development) at PSA International added: "Digital transformation is absolutely fundamental to the future of trade in Asia."

"As a founding partner of GSBN, PSA is pleased to support GSBN’s expansion into Southeast Asia. Cargo Release is a digital solution that has the potential to drive new efficiencies and support the region’s status as a thriving global trading hub. More importantly," PSA added.

GSBN was founded by 8 global shipping lines and terminal operators accounting for one in every three containers handled in the world. It said the mission of the technology consortium is to build the data infrastructure needed to enable modern and efficient global trade.

GSBN recenrly signed a Memorandum of Understanding with eight major shipping port groups in China with the support of China’s Ministry of Transport and China Port Association, to accelerate the digital transformation of the shipping and logistics industry.