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Intercontinental Exchange (NYSE:ICE) said on Friday its electronic trade document product has received approval by the International Group of Protection & Indemnity Clubs (IG P&I), a global shipping insurance body, advancing ICE’s efforts to replace paper-based trade delivery documentation with electronic documents.
The IG P&I represents the 12 clubs providing marine liability coverage for 90% of the world’s ocean-shipped tonnage. The approval comes as the U.K. and Singapore recently changed their laws to recognize electronic bills of lading as the legal equivalent of paper, allowing ICE CargoDocs Local Law electronic bill of lading product to be used instead of physical paper documents.
The product enables physical trade and supply chain participants to digitize the lifecycle of key title and supporting documents used in domestic and international trade and trade finance, Intercontinental Exchange (ICE) said.
“The approval by IG P&I means ICE is now able to immediately issue electronic bills of lading under U.K. and Singapore law, as well as self-certify our compliance with any newly enacted country-specific local law recognizing electronic bills of lading as the legal equivalent of paper, marking a significant milestone in our work to transform analog, paper-based industries into a fully digital global trade ecosystem,” said David Farrell, chief operating officer at ICE Futures U.S.