South Korea’s POSCO International (047050) is accelerating digital transformation (DX) across its trade processes by converting paper bills of lading (B/L)—a core trade document—to digital format.
POSCO International announced on August 26 that it signed a memorandum of understanding (MOU) on August 25 at the POSCO Center in Seoul with POSCO Flow, global shipping line ZIM, Hana Bank, Korea Trade Network (KTNET), and Taewoong Logistics (124560.KQ) to promote electronic bills of lading (e-B/L), officially launching an e-B/L consortium.
A bill of lading is a core trade document that serves as the basis for cargo ownership and payment settlement. Currently, most B/Ls are issued as paper originals and passed through exporters, importers, shipping lines, and banks, typically taking 5–10 days. This process incurs international courier costs and carries risks of delivery delays, loss, and forgery or alteration. e-B/L replaces these paper originals with digital documents, enabling issuance and transactions to be processed online.
The consortium participants plan to jointly build e-B/L issuance and transaction infrastructure, expand e-B/L adoption among shippers and financial institutions, and cooperate on regulatory improvements and legislation. As the consortium’s lead organizer, POSCO International will oversee e-B/L expansion and spearhead trade finance digitalization. POSCO Flow, which handles POSCO International’s container shipping contracts, will facilitate discussions between shipping lines and shippers to expand e-B/L issuance. ZIM will support e-B/L issuance and platform integration and circulation, while KTNET will operate the electronic trade platform for e-B/L distribution and handle trade finance system integration. Hana Bank will provide trade finance process advisory and related financial service cooperation, and Taewoong Logistics will support logistics operations and the e-B/L issuance process.
Earlier, in July, POSCO International conducted a pilot test applying ZIM’s e-B/L platform “WaveBL” to an auto parts export shipment from Busan to Charleston, United States. After reviewing the bill of lading issuance, transaction, and cargo delivery processes, the company confirmed that document delivery time and related costs could be reduced, while also lowering the risk of document loss and forgery or alteration. Based on these pilot results, the company entered into this agreement to apply e-B/L across its trade operations.
POSCO International expects that as e-B/L adoption spreads, trade document circulation time can be reduced to within hours. International courier and document processing costs can also be cut by up to 80%. Reduced reliance on paper documents and international courier services is also expected to yield carbon emission reduction benefits.
The company plans to make e-B/L a core pillar of its trade digital transformation and apply it incrementally to import and export operations. It also intends to build an “e-Nego” system that digitizes trade finance procedures such as export bill purchase, enhancing end-to-end digital connectivity from document preparation to logistics, finance, and payment collection.
Jung Kyung-jin, head of POSCO International’s Management Planning Division, said, “This consortium combines decades of trade expertise accumulated as a general trading company with South Korea’s top-tier electronic trade and financial partners, and will become a new standard for the Korean e-B/L ecosystem.” He added, “Beyond simple document digitization, we will accelerate digital transformation across the entire trade process and contribute to enhancing national logistics competitiveness.”