POSCO International is accelerating the digitalization of trade processes by converting paper bills of lading, a key trade document, into digital form.

POSCO International announced on the 26th that it signed a memorandum of understanding on the activation of electronic bills of lading (e-B/L) with POSCO FLOW, global shipping company ZIM, Hana Bank, Korea Trade Network (KTNET), and Taewoong Logistics at POSCO Center, Seoul, on the 25th, and officially launched the e-B/L consortium.

A memorandum of understanding ceremony to promote e-B/L issuance and transactions was held at POSCO Center, Seoul, on the 25th. From left, Lee Jeong-hyeon, head of Hana Bank; Cho Yong-jun, CEO of Taewoong Logistics; Jeong Kyung-jin, head of management planning at POSCO International; Kim Sang-hoon, head of KTNET; Lee Jae-hoon, CEO of ZIM; and Kwon Young-ju, head of new business innovation at POSCO FLOW. POSCO International ė‚Žė§„ 확대 A memorandum of understanding ceremony to promote e-B/L issuance and transactions was held at POSCO Center, Seoul, on the 25th. From left, Lee Jeong-hyeon, head of Hana Bank; Cho Yong-jun, CEO of Taewoong Logistics; Jeong Kyung-jin, head of management planning at POSCO International; Kim Sang-hoon, head of KTNET; Lee Jae-hoon, CEO of ZIM; and Kwon Young-ju, head of new business innovation at POSCO FLOW. POSCO International

Bills of lading, a core trade document, are mostly issued on paper and typically take five to 10 days to move through exporters, importers, shipping lines, and banks. They also carry risks of loss and forgery, along with international courier costs. By contrast, introducing e-B/L can cut the circulation time for trade documents to just a few hours. It can also reduce international courier and document processing costs by up to 80%.

The consortium brings together a diversified business company, a shipping line, logistics firms, an electronic trade platform, and financial institutions. The members plan to jointly build infrastructure for issuing and trading e-B/Ls and to cooperate on related regulatory improvements and legislation.

Earlier, POSCO International successfully completed a proof-of-concept test last month using ZIM’s e-B/L platform, WaveBL, in an export transaction involving auto parts bound for the United States. The company plans to expand the use of e-B/L across its trade operations and build an ‘electronic negotiation’ system that digitizes trade finance procedures, including the purchase of export bills, to fully accelerate its digital transformation in trade.

Jeong Kyung-jin, head of management planning at POSCO International, said, “This consortium will set a new standard for a Korean-style e-B/L ecosystem.” He added, “We will go beyond simple document digitization and accelerate the digital transformation of the entire trade process to help strengthen the country’s logistics competitiveness.”

This article has been translated by GripLabs Mingo AI.