The first eBL service (TradeGO) certified by the P&I club has emerged in Asia.
TradeGO, a China-based bulk carrier trade PF with which TradeWaltz is in conversation, has announced that it is the first eBL service from Asia to be certified by the P&I Club, an association of shipping companies.
Electronic Commerce (Paperless Trading) System – TradeGo – Japan P&I Club (piclub.or.jp)
In order to become an eBL for circulation in the world, a ship must
(1) Be certified by a P&I club (approved by shipping companies)
(2) Designate the governing law of the service as the law of eBL certification (required by the 3rd party competition requirement. Currently, the laws of some countries such as Singapore are already eBL certified, and basically the laws of these countries are designated as the governing law. It is expected that countries will revise their laws in the future, such as the UK in 2023 and Japan in 2025, and the scope of applicable laws will be expanded thereafter.)
However, if (2) Singapore law is designated as the governing law and (1) TradeGO eBL is utilized, the groundwork has been laid for the spread of eBL from Asia.
The P&I Club has certified the following 9 other eBLs, and TradeGO is the 10th eBL in the world.
EssDOCS,Bolero International Ltd.,E-Title,edoxOnline,WAVE,Cargo X,TradeLends(TradeLens eBL),IQAZ,and Secro |