An agreement has been signed between Insurwave Limited and Zhuhai Port Holdings Group Co., Ltd. that sees the pair collaborate on shipping logistics and marine insurance to promote “friction-less trade” across the Greater Bay area and beyond.

The signing of the agreement between Insurwave Limited, EY and Guardtime’s marine insurance blockchain joint venture company, and Zhuhai Port Holdings was witnessed by Karen Maddocks, British Consul-General in Guangzhou and Tenghui Chi, Director-General of the Financial Services Bureau for the Hengqin New Area of Zhuhai, at the World Port Conference in Guangzhou on May 8th.

Specifically, the Memorandum of Understanding (MoU) focuses on the connection between marine insurance blockchain technology and port logistics, and is designed to identify a strategic cooperation in the marine economy of the Greater Bay Area, which it’s hoped can result in more efficient and effective global trade conditions.

Insurwave Limited launched the world’s first marine insurance blockchain platform (Insurwave) for commercial use in 2018. The platform was built by EY and Guardtime, and utilises blockchain and distributed ledger technology infrastructure from Microsoft and data standards from ACORD.

EY Global Vice Chair for Industry, Shaun Crawford, said: “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, said: “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-Macao Bridge and the Greater Bay Area to promote the connection between marine insurance blockchain technology and global port logistics.”

Zhuhai Port Holdings businesses span across the development, construction, management, and operation of ports, land, and supporting facilities.

Karen Maddocks, British Consul-General, added: “Insurwave is a great example of a British technology supporting the development of the Greater Bay Area and on this occasion Zhuhai in particular. This innovative British blockchain platform will streamline marine insurance in the Greater Bay Area and boost international trade along the Belt and Road initiative.”

Tenghui Chi, Director-General of the Financial Services Bureau for the Hengqin New Area of Zhuhai, said: “The agreement lays a great foundation for the future win-win collaboration between the two parties.

We look forward to supporting upcoming initiatives from Insurwave and Zhuhai Port Holdings that will deliver valuable insights and growth to the marine insurance sector, logistics and trade in the Greater Bay Area.”