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HSBC, DBS, BOC join trade finance advisory group on GSBN

Wednesday 15 September 2021 14:47 CET | News

Hong Kong’s Global Shipping Business Network (GSBN) has announced the creation of a Trade Finance Advisory Group, joined by HSBC, DBS Bank and Bank of China (Hong Kong).

GSBN’s blockchain network aims to eliminate paper documentation in maritime trade processes, starting with Cargo Release, which launched in July 2021. All three banks are members of Contour, the trade finance blockchain network with which GSBN has already partnered.

There are multiple potential ways this trust can be addressed, one of which is the ability for the bank to have transactions and documents such as bills of lading verified via a trade platform like GSBN. Blockchain and big data will is also generating new types of credit ratings. Another suggestion from the OECD is a Global Value Chain (GVC) Passport which will help address compliance issues.

To date, GSBN has only announced the Contour partnership. However, in China, its hosting is managed by AntChain, and Ant Group has the Trusple blockchain trade finance solution that targets SMEs. DBS Bank is a member of Trusple as well as other blockchain trade finance platforms dltledgers and Marco Polo.

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Keywords: partnership, HSBC, trade finance, supply chain finance, blockchain
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Asia
This article is part of category

Banking & Fintech