$3.75 million in first offshore trading for Australian coal to Malaysia with new Hainan offshore international trade service platform

$3.75 million in first offshore trading for Australian coal to Malaysia with new Hainan offshore international trade service platform

The first offshore trading business sets up in the Jiangdong area of Hainan Free Trade Port.

Shandong Energy Group successfully launched the first post-inspection offshore trade business in Hainan Free Trade Port through Yankuang Smart Logistics.

Coal from Australian mines was sold to Malaysia to the amount of US$3.75 million, which was settled in Haikou.

“We will further promote the facilitation of cross-border trade in goods, services and new international trade settlements, and replace pre-audit with post-audit for the banking sector on authenticity review of cross border and international trade.”

This recent transaction was verified for authenticity on the Hainan Free Trade Port’s new offshore international trade integrated service platform.

Hainan Free Trade Port’s new offshore international trade integrated service platform is a one-stop information verification system jointly developed by Yankuang Smart Logistics and Hainan International Energy Exchange Center to address the Industry’s weak points in the verification of trade authenticity for offshore trade.

The platform adopts big data, block-chain and other technologies to aggregate global shipping, port logistics and public risk data.

It effectively supports commercial banks and regulatory authorities to conduct the authenticity and verification of offshore trade.

The platform is a pioneering application centering on the construction of a new regional offshore international trade centre in Hainan.

It is an innovative service that extends Hainan’s international trade Single Window platform to the entire chain of international trade management.

(1) Create a “white list” through historical data and credit evaluation system to establish mutual trust among the three parties.

(2) Relying on big data analysis and risk control system to verify the authenticity of offshore trade.

(3) Docking shipping logistics positioning goods and ship logistics location, to further support the authenticity of trade.

Additionally, the system helps promote trade port trade liberalization, facilitation, standardization, and the coordinated development of Hainan.

This new offshore trade system will be the first to build a centre for transit trade and offshore trade between China and ASEAN countries by building a Purchase Supply Chain Center, Distribution Supply Chain Center and Supply Chain Logistics Center.

The global supply chain system promotes bulk commodity trade amongst various others. It brings flow of people, logistics, capital flow and information to the construction of Hainan Free Trade Port, improves the level of openness and service capabilities of the financial service industry, drives related industry development and creates an international enterprise with transnational trade.

Source text in Chinese

Related article: The past six months progress of Jiangdong new area Haikou

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