GSBN, IQAX, and ICE Digital Trade have successfully completed a live cross-platform electronic bill of lading (eBL) transaction involving banks, shipping lines, and corporates across Thailand and China. This transaction is an advancement in digital trade finance, which showcases the practical scalability and interoperability of eBL solutions across multiple platforms and jurisdictions.

The transaction started with New Golden Sea Shipping, a COSCO Group subsidiary, issuing an eBL to Lenzing (Thailand) Co., Ltd on the IQAX platform. The eBL was then transferred to HSBC Thailand through ICE CargoDocs and presented to China Zheshang Bank (CZBank) on the same platform.

Jiangsu Dasheng Group Co., Ltd submitted the eBL through IQAX, achieving a seamless end-to-end digital process and showcasing effective integration between shipping and banking networks.

Inside the technical and legal foundations

At the core of this achievement is GSBN’s blockchain-powered infrastructure, which ensures the singularity and integrity of each eBL transfer, preventing duplication and fraud.

The collaboration addresses four requirements for interoperability – a robust legal framework, trusted technical solutions, a viable liability framework, and approval from Protection & Indemnity (P&I) Clubs to ensure carrier adoption.

These elements establish a secure, legally recognised way for eBL to be transferred seamlessly across platforms, industries, and jurisdictions.

Industry perspectives and strategic importance

Bertrand Chen, CEO of GSBN stated, “By enabling the connection between eBL solution providers through a unified data and trust layer, GSBN is driving faster, more transparent, and more inclusive trade finance. This is more than digitisation, but a fundamental reimagining of global trade as an interconnected digital economy. Interoperability provides the foundation, and the next frontier is seamlessly linking documentation with money.”

“Empowered by trusted data and strengthened by robust interconnectivity, IQAX eBLs are transforming from a digital document into a common anchor that can link logistics and financial rails. This enables greater resilience, efficiency and reduces risk for every participant in the supply chain. As these processes and data align, users will benefit from trade intelligence and new value creation. At the same time, they are future-proofing their businesses — preparing them to quickly harness any new innovations that emerge,” added George Guo, CEO of IQAX.

Marina Comninos, Co-head of ICE Digital Trade, highlighted the flexibility and scalability that interoperability brings to digital trade adoption. She remarked, This transaction demonstrates how trade and trade finance ecosystems are embracing the interoperability framework developed by ICE Digital Trade, GSBN and IQAX, paving the way for faster, more transparent trade finance processes that can scale. It’s a significant step toward a fully digital, frictionless future.”

Parsan Chand, Senior Director of Global Logistics at Lenzing quoted As a leading manufacturer of Wood based Cellulosic fiber, efficiency and reliability in trade documentation is critical. This initiative shows how interoperability can simplify complex processes, reduce risk, and accelerate transactions. We are proud to be part of a pilot that sets a new benchmark for digital trade and sustainability. Apart from e-BL, a complete set of commercial documents including insurance certificate, Cert of Origin also been handled digitally.”

Venkatraman P, Managing Director and Head of Products and Propositions at HSBC Asia Pacific, affirmed the bank’s leadership in trade digitisation, saying, “eBL interoperability is a pivotal advancement that supports scalable digital trade finance and positions us to harness future digital opportunities.”

Wan Yang, General Manager at CZBank, expressed pride in being the first Chinese commercial bank to participate in this cross-platform pilot, noting, “We aim to quickly and efficiently meet the needs of our valued customers. The success of this cross-platform eBL transfer through the whole digital trade chain definitely brings more efficiencies and less costs to our customers.”

Weidong Bao, General Manager of Jiangsu Dasheng, added that  “Over its 130-year journey, Dasheng has embedded innovation into its DNA, making it the driving force for development. As a pioneer and industry leader in digital transformation, Dasheng continues to strengthen its enduring foundation and progressive momentum through continuous technological advancement and innovative business models. The successful implementation of this electronic document presentation reaffirms Dasheng’s leadership in digital innovation and underscores the enduring strength of this century-old brand in keeping pace with the times.”

A new era for digital trade finance

This successful live transaction sets a new benchmark for the digital trade ecosystem. The blockchain-based Control Tracking Registry ensures document singularity, while the inter-platform liability framework reduces operational friction and accelerates document handling.

Allowing eBLs to move freely and securely across various platforms and borders will create a more efficient, transparent, and interconnected trade finance system, leading to a new era in global commerce.