3 September 2018
Shippers, Forwarders and Shipping Lines involved in Container Traffic will have an affordable Paperless Trade solution by the end of 2018. E-Title and HAKOVO announced their intent to deploy the HAKOVO ASSURED eBL, with a select group of exporters, shipping lines, importers and banks.
The ASSURED eBL is based on the e-title™ solution and legal framework. e-title™ is one of only 3 eBL systems worldwide which are recognised by The International Group of P&I Clubs (IG) - to perform the 3 functions of a BL: as a receipt; as a document of title; and as a contract of carriage which incorporates the Hague or Hague-Visby Rules.
The ASSURED eBL will be competitively priced against the current costs of sending the Paper BLs globally using courier services. In addition, ASSURED eBL© will include Document Verification functionalities. Customers can use these functionalities to check the accuracy of details between Letter of Credits, Shipping Instructions, eBLs, and as the facilitator of related container trade & finance documents.
E-Title CEO, Dorothy Lim, shared, “E-Title supports the carriers’ increasing desire to transform the traditional paper Bills of Lading to a digital eBL. The e-title™ solution will run on distributed ledger technology (DLT) supporting peer to peer, secure and de-centralised title document transfer. Together with the P&I approved legal framework, this makes the solution viable to be deployed globally, even in countries where national jurisdictions do not have laws which recognize electronic transfer records.”
HAKOVO CEO, Takayuki Akahodani, added, “We’re delighted to work with E-Title, a fellow Singapore Company with deep expertise in the sea freight industry. HAKOVO ASSURED eBL will not only provide higher levels of security and increase ease of trade, customers will also see immediate cost savings by eliminating courier service of paper documents across borders.”
HAKOVO® aims to redefine sea freight shipping experience with our innovative online freight platform. The online matching platform is where Customers (freight purchasers) can find cost effective logistics service providers for their ocean freight needs. HAKOVO® combines participating logistics service providers’ ecosystems into a single unified platform to make it easier for Customers to ship their cargo in just a few clicks, from cargo pick-up at the place of origin, customs declaration, ocean freight, and delivery to place of destination. It, therefore, enables Customers to ship goods on their terms, with confidence, efficiency and ease.
Established in 2016, HAKOVO® is an awardee of the SPRING SINGAPORE ACE Start-ups Grant and incubated by PSA unboXed.
E-Title Authority was established in 2004, to provide niche solutions to bridge existing gaps and to overcome barriers to cross-enterprise business worldwide. The company aims to be a neutral, trusted third party that works closely with international trade organisations, trade management and documentation service providers and application service providers, to enhance inter-operability among global enterprises. E-Title Authority has developed the e-title™ solution as a secure mechanism to facilitate electronic transfer of title and negotiable documents, such as the bill of lading, warehouse receipts, letters of credit and bills of exchange. The e-title™ solution is based on a patented, peer-to-peer technology, removing the reliance on a central registry, while also supporting hosted services.