MineHub (TSXV: MHUB) (OTCQB: MHUBF) Awarded Funding by Maritime and Port Authority of Singapore to Develop and Promote Open Standards for Electronic Bills of Lading
Vancouver, British Columbia - June 28, 2022 (Newsfile Corp.) (Investorideas.com Newswire) MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) ("MineHub" or the "Company") is pleased to announce that the Maritime and Port Authority of Singapore ("MPA") has awarded MineHub a grant to co-fund a project using the MineHub platform to promote open standards and interoperability of electronic Bills of Lading ("eBLs"). MineHub has been focused on removing friction from supply chain operations through digitalisation, and enabling and promoting the use of electronic Bills of Lading is core to MineHub's mission.
Arnoud Star Busmann, CEO at MineHub Technologies, said "The Singapore government's support through its institutions like the MPA and the IMDA is instrumental in pushing the industry forward towards digitalisation. We are very pleased to contribute to this drive, and work with industry to promote the use of electronic Bills of Ladings, enabling interoperability between platforms and existing providers through open standards."
The Bill of Lading is the most important international trade document. It underpins all seaborne transactions, which is 80% of global trade, but because it is usually required to be presented on physical paper to be legally valid, it has also prevented trade to be fully digitalised and as such is a major source of processing costs and time delays.
In fact, some of the supply chain disruption we have seen in recent years are a direct consequence of pandemic lockdowns preventing couriers to deliver the physical paper Bills of Lading to banks or customers, which in turn delays payments from being settled and discharge of cargos. Those shipments that involved eBLs have done much better, and as such the use of eBLs has increased rapidly.
Only 0.1% of bills of lading today are issued today as eBLs, and are only valid in limited or closed systems, each guided by their own rules and standards. Supply chain parties also have different Bills of Lading formats or varying IT system requirements. Changes are underway though in the regulatory landscape, as Singapore and several other nations have adopted the UNCITRAL Model Law for Electronic Transfer of Record. It was announced recently that the UK is also working towards adoption of electronic Bills of Lading in English law, the governing law for most of global trade.
In addition, the Company completed its AGM on June 22, 2022, where all items of business put forward at the meeting were approved, and Arnoud Star Busman was appointed to the board of directors. Please refer to the Company's information circular as filed on SEDAR.
About MineHub Technologies
MineHub is an open, enterprise-grade platform for digital trade, bringing efficiency, transparency and responsibility to supply chains. MineHub connects the many parties involved in a physical commodity transaction in a digitally integrated workflow, operating on the basis of shared authentic and validated information secured by a global enterprise blockchain network. Users of MineHub are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to customer needs and have confidence in the resilience, security and compliance of their operations.
Arnoud Star Busmann
CEO, MineHub Technologies Inc.
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Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that are considered "forward-looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements") with respect to MineHub including, but not limited to, statements with respect to MineHub's future operational plans, the timing of such plans and anticipated customers. Forward-looking statements are statements that are not historical facts are generally, but not always, identiﬁed by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although MineHub believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its operations, applications and for general working capital purposes, changes in economic conditions or ﬁnancial markets, changes in laws or regulations that could have an impact on the Company's operations, dependence on its key management personnel and market competition. Other risk factors are identified in the Company's prospectus dated August 18, 2021, available on the Company's SEDAR profile at www.sedar.com. There may be other risk factors not presently known that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. The forward-looking information is made as of the date included herein. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of MineHub's management on the date the statements are made. However, except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change.
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