Industry News

TradeTrust Partner Credore Secures IG P&I Deemed Approval in Just Over 40 Days

1 July 2025

TradeTrust partner Credore has officially been deemed approved by the International Group of P&I Clubs (IG P&I) to issue MLETR-compliant electronic Bills of Lading (eBLs)– a milestone achieved in just over 40 days, making it the first TradeTrust-ready platform to secure IG P&I deemed approval. This highlights the readiness of TradeTrust’s legal and technical frameworks, as well as its compliance with complex regulatory processes.

IG P&I provides marine liability cover for around 90% of the world’s ocean-going tonnage. Securing deemed approval from IG P&I is a significant milestone for any digital trade platform issuing eBLs. To receive this approval, platforms using eBLs must undergo a rigorous assessment process, during which their systems are required to:

Comply with laws recognising that eBLs are equivalent to paper bills

Provide evidence of contract of carriage terms

Have system functionality for transfer rejections and accomplishment

Deemed Approval made easier with TradeTrust

TradeTrust’s legal readiness

TradeTrust’s Model Law Terms played a pivotal role in helping Credore attain IG P&I deemed approval by providing a strong legal foundation. This reduced the time needed for legal review and back-and-forth and accelerated the process.

TradeTrust’s Model Terms, released in 2025 and drafted by international law firm Watson Farley & Williams, are structured in three parts:

Part A – Definitions: Establish precise definitions used in the Model Terms.
Part B – Terms to be incorporated in User Agreement Terms and Conditions: Govern the relationship between platforms and their users, covering crucial aspects such as eBL clausing, rejection mechanisms, switch-to-paper procedures, surrender and accomplishment processes, liability considerations, and governing law and dispute resolution frameworks; and
Part C - TradeTrust eBL provisions: Align to statutory law and should be incorporated into every TradeTrust eBL governed by an MLETR.

These Model Terms provided the legal foundation for TradeTrust-enabled eBLs to meet the requirements for deemed approval by IG P&I.

Technically aligned with IG P&I’s requirements

Credore operates on Version 5 of TradeTrust’s Token Registry.

This version included support for remarks, allowing users to document additional contexts for all actions. It also enabled users to reject transfers, giving users greater control over transfers while ensuring that records return to their rightful parties.

Both functions address key components of IG P&I’s system reliability requirements while enhancing the user’s ability to manage transferable records.

Steadfast support throughout the process

Throughout the application, the TradeTrust team provided close support, assisting Credore in addressing IG P&I’s queries clearly and efficiently to obtain deemed approval.

What this means for our partners

For our partners, Credore’s deemed approval by IG P&I affirms that TradeTrust is implementation-ready, with tested legal and technical frameworks designed to meet international standards. Beyond its legal framework, TradeTrust leverages innovative technical solutions that strengthen confidence and trust in the use of electronic trade documents.

Interoperability

TradeTrust leverages the security of blockchain technology to support scalability and cross-platform interoperability. By enabling trading partners to choose their preferred TradeTrust-enabled system, TradeTrust promotes a flexible and decentralised approach to trade digitalisation.

Legal alignment

In addition to IG P&I’s insurance coverage, TradeTrust_Model_Terms can be used as a reference to facilitate alignment on key legal aspects for TradeTrust adopters, such as interoperability, dispute resolution, and governing law. Partners can consult the Guidance Notes provided by IMDA for detailed explanations and context for implementing the Model Terms.

Availability of open-source, production-ready code

TradeTrust is open-source with no restrictions on semantics or data formats and standards such as Digital Container Shipping Association (DCSA) and BIMCO, and works with any existing transmission protocols like email, FTP etc.

By partnering with TradeTrust, Credore was able to issue trusted, interoperable, and MLETR-compliant eBLs - attaining deemed approval from IG P&I with speed and confidence.

Learn more about TradeTrust’s legal framework here.

Eliminate legal guesswork and stay technically ready for cross-border trade with TradeTrust.