Ping An rallies seven Hong Kong banks for blockchain trade finance platform
Ping An Insurance Company has delivered Hong Kong’s first blockchain-based international trade finance platform, eTradeConnect, which is initiated by seven founding banks in Hong Kong and facilitated by the Hong Kong Monetary Authority (HKMA).
eTradeConnect: Hong Kong’s first blockchain-based international trade finance platform
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.
At a ceremony in the Hong Kong Fintech Week event today, 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.
Ping An deputy CEO, COO and CIO, Jessica Tan, says: “OneConnect is proud to have helped deliver Hong Kong’s first blockchain-powered trade finance platform. This is also a first for the Asia Pacific region, which is a credit to the HKMA and banking industry.”
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.
