EY’s blockchain platform links with Zhuhai Port

May 23 2019 by InsuranceAsia News Staff

EY and Guardtime’s marine insurance blockchain joint venture company Insurwave has signed an agreement with Zhuhai Port Holdings to explore and collaborate on shipping logistics and marine insurance to promote frictionless trade across the Greater Bay Area.

Zhuhai Port Holdings Group businesses span across the development, construction, management and operation of ports, land and supporting facilities. Insurwave, the world’s first marine insurance blockchain platform, was launched in May 2018 with global shipping giant Maersk.

The memorandum of understanding focuses on the link between marine insurance blockchain technology and port logistics.

Shaun Crawford, EY’s global vice-chair for industry, commented: “Combining the knowledge from Insurwave with Zhuhai Port Holdings’ experience in port logistics, we’re pleased to establish a joint initiative for identifying blockchain’s applications in cross-border financial services, logistics and trade. Insurwave was developed a year ago to transform how businesses manage risk across their organisation and how they work with brokers and (re)insurers.”

“Our hope is this is another step in the right direction and will have the same impact on international trade and port logistics. This agreement comes at a great time and we look forward to supporting the Greater Bay Area plan and the Belt and Road initiative.”

Botao Liu, strategic development center general manager of Zhuhai Port Holdings Group, commented: “Both parties have a common interest and by leveraging our core strengths we’re able to seize the opportunities of the Belt and Road initiative, the opening of the Hong Kong-Zhuhai-Macau bridge and the Greater Bay Area to promote the connection between marine insurance blockchain technology and global port logistics.”

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