- GSBN joins HKMA’s Project Ensemble to test tokenised electronic Bills of Lading (eBLs) with Ant Digital Technologies.
- The project aims to use blockchain to enhance trade finance, potentially closing a $2.5 trillion gap.
- Tokenised eBLs could revolutionize global trade finance, with the market expected to hit $30.1 trillion by 2034.
The Global Shipping Business Network (GSBN) has partnered with the Hong Kong Monetary Authority’s (HKMA) Project Ensemble to test electronic Bill of Lading (eBL) tokenisation with Ant Digital Technologies and facilitate interbank atomic settlement, reports AJOT.
Project Ensemble and eBL Tokenisation
Project Ensemble is a new wholesale Central Bank Digital Currency (wCBDC) initiative by the HKMA. It aims to innovate financial market infrastructure (FMI) for settling tokenised money and real-world assets (RWA).
GSBN’s blockchain will issue eBLs, which Ant Digital Technologies will tokenise and wrap on their blockchain. This system will enable trade finance payments through tokenised deposits and wCBDC.
Tokenising eBLs will revolutionize global trade by securitising physical shipping flows, potentially closing the US$2.5 trillion trade finance gap. The market for tokenised RWAs, including eBLs, is projected to reach $30.1 trillion by 2034.
Partnerships
Bertrand Chen, CEO of GSBN, noted that joining Project Ensemble advances their mission to modernise trade and create new opportunities.
Chenguang Zhang, CEO of ZAN at Ant Digital Technologies, highlighted the potential to address the global trade finance gap through tokenisation and web3 technologies.
GSBN has onboarded over 14,000 customers globally and issued more than 300,000 eBLs, working with major global shipping lines and banks to enhance efficiency, visibility, and financing opportunities.
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Source: AJOT
