26th March 2021 – PwC China facilitated the incorporation of Global Shipping Business Network Limited (“GSBN”) in Hong Kong. The consortium’s shareholders are eight global industry-leading ocean carriers and terminal operators. GSBN aims to build a secure and real-time data exchange platform through blockchain technology, supported by their technology vendor IQAX Limited. The trade data platform enables real-time data processing, and collaboration between stakeholders in the global supply chain. The platform is expected to accelerate the sharing of verified logistics and cargo data, streamline business operations along the supply chain and create value for stakeholders for more data transparency and security.
Since the journey for what became GSBN began in 2018, PwC China Consulting has been a trusted partner in providing project management and facilitation service. This included the facilitation of commercial and technical discussions to align business strategy decisions with key shareholders of the consortium.
PwC Australia Legal and Tiang & Partners have provided corporate advisory, regulatory advisory and contract preparatory support services (in particular, competition law analysis, preparation of regulatory filings and relevant documentation, including the shareholders’ agreement and related technology licensing and service agreements), enabling the incorporation of GSBN with an underlying solid legal foundation. In this context, PwC Australia Legal acted as subject matter expert and provided commercial input.
James Chang, PwC China Consulting Leader, said, “PwC is pleased to be at the heart of the formation of this strategic partnership, demonstrating our capability in offering integrated solutions and services to our clients, strategy to execution from both the legal and technical perspectives. We also pride ourselves in helping businesses find innovative solutions and accelerate digital transformation of the shipping industry and unlock opportunities in a post-pandemic era.”
Edmund Lee, PwC Hong Kong Consulting Leader, said, “We would like to take this opportunity to express gratitude to the consortium members’ trust and support in the successful incorporation of GSBN. It has been a long journey learning and working as a team since the inception of the partnership. We truly believe GSBN will help facilitate the needs of the global shipping industry and be a key driver in digitalising the trade ecosystem.”
