The Global Shipping Business Network (GSBN) has completed the first integrated pledge financing involving three digital trade documents—an e-Delivery Order (eDO), e-Bill of Lading (eBL), and e-Warehouse Receipt (eW/R)—for Technically Specified Rubber 20 (TSR 20) in Shanghai’s Lin-gang Special Area.
This development represents a notable advancement in Asia’s digital trade landscape following Lin-gang’s adoption of the Model Law on Electronic Transferable Records (MLETR) in 2024.
The process combined GSBN’s blockchain platform with the International Container Transportation Service Platform (T-MaaS), China Materials Storage and Transportation (CMST) Electronic Warehouse Receipt Management Centre, and the National Commodity Warehouse Receipt Registration Centre (NCWR).
This integration allowed cargo documentation to move digitally and securely—from issuance via eDO and eBL to eW/R registration within the Shanghai Futures Exchange Over-the-Counter Platform (SHFE OTC).
Once registered through NCWR and approved by Yangshan Free Trade Zone Customs, the documents enabled pledge financing worth RMB 2 million (£221,108) through the Bank of Jiangsu.
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The process also unlocked higher credit limits and improved access to financial support, offering a new model for digitised shipping and trade finance.
The digitisation significantly improved the speed and security of document workflows. In addition to faster processing, businesses gained improved access to financing options in reduced timeframes.
Zhai Hongkai, Director of Shandong Energy Intelligent (Shanghai) Industrial Development Co., Ltd., said: “The integration of the three documents (eDO, eBL, eW/R) into one single process, overall, leads to time savings and cost reductions. It can approximately lower our costs by 30 per cent.”
The use of blockchain underpinned the integrity of the transaction by ensuring document authenticity, traceability, and uniqueness.
The GSBN and IQAX eBL platform has been formally recognised by the International Group of P&I Clubs (IG P&I).
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Bertrand Chen, CEO at GSBN, commented: “This pilot exemplifies the tangible value GSBN brings to our customers, as well as greater benefits to other industry stakeholders such as financial institutions.
“This milestone underscores how such innovations create substantial value for the industry, and showcases the transformative power of embracing a digital future. GSBN is committed to assisting our partners globally in replicating this digital leap, ensuring they stay competitive in the evolving landscape.”
Following the adoption of MLETR, the Lin-gang Special Area has continued to advance digitalisation in maritime trade.
Through the “eBL+” initiative, the region is implementing paperless, automated processes designed to improve efficiency, build trust through transparency and data privacy, and enable interoperability through shared standards.
This implementation is also contributing to lower logistics costs and expanded financing options, reinforcing Asia’s leadership in electronic bill of lading adoption.
