The Southeast Asia shipping industry is experiencing growth, driven by the cross-border eCommerce boom. Singapore and Malaysia alone account for over 50% of the total cross-border eCommerce market in the region, and 55% of all online transactions in Singapore involve overseas sellers.
Founded by 8 global shipping lines and terminal operators, Global Shipping Business Network (GSBN) has rolled out Cargo Release to Hong Kong, Singapore and Laem Chabang in Thailand. The mission of the technology consortium is to build the data infrastructure needed to enable modern and efficient global trade.
Cargo Release is a paperless solution that connects everyone involved at the port of import including shipping lines, consignees, their agents, and terminals. GSBN claims that Cargo Release cuts the time for cargo to be document-ready for release from days to hours.
Cargo Release is being rolled out in Southeast Asia by port operators, Hutchison Ports and PSA International, covering major ports across the region.
Bertrand Chen, CEO at GSBN, said, “The rollout of Cargo Release in the region marks an important milestone in the shipping industry’s digital leap. We are fully committed to supporting this push by harnessing our operating system to drive efficiency, resilience and trust across all market participants.”
The rollout of Cargo Release across Southeast Asia will help the industry meet the growing shipping demand and better capitalize on the cross-border eCommerce opportunities.
Cargo Release is a digital solution that has the potential to drive new efficiencies and support the region’s status as a thriving global trading hub. It demonstrates the value of trusted and secure sharing of data between supply chain ecosystem partners, and we look forward to participating in and supporting more of such initiatives.