A new joint venture (JV) aims to utilise blockchain and super artificial intelligence to streamline digital supply chain services for the Asia-Pacific Model E-Port Network (APMEN), APEC's online port clearance system, with operations due to begin soon in the ports of Shanghai and Guangdong.
Fintech company Ideanomics and APMEN Trade Tech Co Ltd are behind the JV, set up to streamlining e-port and e-custom operations; extend connectivity beyond from port to port, and custom to custom to include the ultimate buyers and sellers with their warehouses directly connected by blockchain; and establish and grow asset-backed securitisation opportunities by securing high yield assets to be offered through Ideanomics' global sales network, including both traditional and blockchain based solutions of securitisation, fractionalisation and tokenisation.
"The full implementation of connecting e-ports across the region using the Ideanomics supply chain finance blockchain will save more than just trading costs and time,” said Dr Liu Yadong chairman of APEC Model E Port Network and of the JV. “By leveraging the expertise of Ideanomics for their best in class intelligent supply chain services and super artificial intelligence technology we are advancing trade facilitation and our supply chain connectivity."
Bruno Wu, chairman and co-CEO of Ideanomics, added: “We will integrate business data from various partners, establishing a risk control model in cooperation with a single window to provide risk control services for regulatory authorities and enterprises.”
The JV initiative could also be used by APMEN’s 16 port members including New South Wales and Vancouver.
The total value of import and export goods of Shanghai and Guangdong ports combined is 10.5 Trillion yuan (US$1.532 trillion), up 13% from the previous year.
Sources:Port Strategy
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