Hang Seng Bank completes blockchain-based transaction on eTradeConnect

Monday 19 November 2018 10:40 CET | News

Hong Kong-based Hang Seng Bank has announced that it has completed a pilot trade transaction using the eTradeConnect platform.

Hang Seng Bank officials said that it facilitated an end-to-end blockchain transaction between Clover Group International Limited and Regina Miracle International Limited for the sale and purchase of apparel accessories. The pilot leveraged eTradeConnect platform for the preparation and transmission of digital trade documents, auto data matching, as well as the raising of the trade finance request.

Hang Seng Bank, a principal member of the HSBC Group, operates around 270 service outlets serving both personal and business customers.

The Hong Kong Monetary Authority (HKMA) announced the official launch of blockchain-based trade finance platform – eTradeConnect – in late October 2018. The platform, developed by a consortium of 12 banks including Hang Seng, facilitates the processing and financing of trade transactions for corporate customers using distributed ledger technology (DLT).

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Hang Seng Bank, eTradeConnect, Hong Kong, Asia, trade finance, trade finance platform, blockchain, distributed ledger technology, Clover Group International Limited, Regina Miracle International Limited
Countries: World