Technology company Ideanomics signed a Joint Venture (JV) for Exclusive APEC Model E-port Network (APMEN), APEC's online port clearance system, across Asia-Pacific with APMEN Trade Tech. The JV will design an electronic port clearance system based on blockchain.

The project will launch the first phase of the operations in two of the biggest ports: Shanghai and Guangdong, which account for nearly half of China's import and export and then it will expand into other APEC countries' ports.

The JV aims to improve the electronic ports (e-ports) system with AI and blockchain solutions to extend its existing service from port to port, and warehouse to warehouse.

The full implementation of connecting e-ports across the region can save up to half of supply financing cost which is currently 16% -25% in China.

The total value of import and export goods of Shanghai and Guangdong ports is combined is 10.5 Trillion yuan ($1.532 trillion), up by 13%.