Ping An delivers Hong Kongs blockchain trade finance platform

Thursday 1 November 2018 09:29 CET | News

Ping An Insurance Company has delivered Hong Kong’s first blockchain-based international trade finance platform.

The eTradeConnect is initiated by seven founding banks in Hong Kong and facilitated by the Hong Kong Monetary Authority (HKMA).

OneConnect, a fintech subsidiary of Ping An, was appointed by the founding banks through Hong Kong Trade Finance Platform Company as the technological provider to help design, develop and deploy the platform.

The HKMA announced the official launch of eTradeConnect, initially connecting 12 joining banks with some of their trade finance pilot clients to share trade information with the use of blockchain technology.

Founding banks of the platform include ANZ, Bank of China, The Bank of East Asia, DBS Bank, Hang Seng Bank, HSBC and Standard Chartered Bank.

Currently other member banks are Agricultural Bank of China, Bank of Communications, BNP Paribas, Industrial and Commercial Bank of China, and Shanghai Commercial Bank.

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Keywords: Ping An, Hong Kong, blockchain, trade finance, eTradeConnect
Countries: World