EY and its marine insurance blockchain joint venture Insurwave have partnered with Zhuhai Port Holdings Group Co. to explore shipping logistics and marine insurance solutions in the Greater Bay Area.
According to a statement from EY, the partnership seeks to promote frictionless trade across the Greater Bay Area and beyond. It focuses on the link between marine insurance blockchain technology and port logistics, identifying a strategic cooperation in the marine economy of the Greater Bay Area, which can lead to more efficient and effective global trade conditions.
The agreement was signed during the World Port Conference in Guangzhou, with Karen Maddocks, British Consul-General in Guangzhou; and Tenghui Chi, Director-General of the Financial Services Bureau for the Hengqin New Area of Zhuhai; as principal witnesses.
Zhuhai Port Holdings Group’s businesses span across the development, construction, management and operation of ports, land, and supporting facilities. Insurwave, which is a joint venture between EY and international blockchain firm Guardtime, launched the world’s first marine insurance blockchain platform for commercial use in May 2018.
“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,” said Shaun Crawford, EY global vice chair for industry. “Insurwave was developed a year ago to transform how businesses manage risk across their organization 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.”
“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,” added Botao Liu, general manager of Zhuhai Port Holdings’ Strategic Development Centre.