The parties will focus on the cooperation for marine insurance blockchain technology and port logistics to provide a more efficient and effective global trading conditions in the Greater Bay Area.

Shaun Crawford, EY global vice chair - industry said, “Combining the knowledge from Insurwave with Zhuhai Port’s 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, a joint venture between EY and international blockchain firm Guardtime, launched the world’s first blockchain-enabled insurance platform in production.

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.”

The Greater Bay Area refers to Hong Kong, Macau, Zhuhai and other eight cities in Guangdong province. The scheme of the Greater Bay Area, initiated by China’s central government, aims to develop the region into an integrated world-class economic and business hub.