- Citibank to pay more than $38m for improper handling of ADRs
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- Lords EU Committee take evidence from the British Business Bank and Germany’s KfW expired
- Banks must unify information streams to combat fraud, says ThreatConnect expired
- UniCredit non-executive director Andrea Sironi resigns expired
- Deutsche Bank completes demerger of its Polish private and commercial banking business expired
- UK Finance supports government on mortgage solutions expired
9th November 2018
Ping An delivers Hong Kong's first blockchain-powered trade finance platform
Ping An of China 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). OneConnect, a Fintech subsidiary of Ping An, was appointed by the founding banks through Hong Kong Trade Finance Platform Company Limited as the technological provider to help design, develop and deploy the platform.
At a ceremony in the Hong Kong Fintech Week event, 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.
Representing OneConnect, Ping An Group Deputy CEO, COO and CIO, Jessica Tan said: "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: The Australia and New Zealand Banking Group; Bank of China (Hong Kong); The Bank of East Asia; DBS Bank (Hong Kong); Hang Seng Bank; The Hongkong and Shanghai Banking Corporation; and Standard Chartered Bank (Hong Kong). Currently other member banks are Agricultural Bank of China, Hong Kong Branch; Bank of Communications, Hong Kong Branch; BNP Paribas, Hong Kong Branch; Industrial and Commercial Bank of China (Asia); and Shanghai Commercial Bank.