Hk Blockchain First Blockchain-powered Trade Finance Platform
Representing OneConnect, Ping An Group Deputy CEO, COO and CIO, Jessica Cryptocurrencies gaining in popularity said: "OneConnect is proud to have helped deliver Hong Kong's first blockchain-powered trade finance platform. · Ping An delivers Hong Kong's first blockchain-powered trade finance platform PR Newswire HONG KONG, Oct.
31, HONG KONG, Oct. 31, /PRNewswire/ -- Ping An Insurance (Group) Company of. 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.”.
(Hong Kong, Shanghai, 31 October ) Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or “the Group” or “the Company”, HKEx: ; SSE: ) 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”).
Ping An: Delivers Hong Kong’s first blockchain-powered trade finance platform. The Hong Kong Monetary Authority (HKMA) announced today (31 October) the official launch of eTradeConnect, a blockchain-based trade finance platform developed by a consortium of twelve major banks in Hong Kong. · A new blockchain-based trade finance platform, developed by HSBC, Standard Chartered and 10 other banks, was launched in Hong Kong on Wednesday to boost efficiency in the multi-trillion-dollar.
Ping An’s New Project With HKMA is a Blockchain-Powered ...
· by Fintech News Hong Kong November 1, Ping An Insurance delivered Hong Kong’s first blockchain-based international trade finance platform, eTradeConnect. The platform was initiated by seven founding banks in Hong Kong and facilitated by the Hong Kong Monetary. · The Hong Kong Monetary Authority (HKMA), an agency which plays the role of central bank in the region, launched a blockchain-based trade finance platform named eTrade Connect in an effort to boost efficiency in the multi-trillion-dollar funding of international trade.
· Ping An Insurance delivered 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 to help design, develop and deploy the platform.
· Hong Kong’s banking regulator, Hong Kong Monetary Authority (HKMA), along with seven other banks, including Standard Chartered PLC and HSBC Holdings PLC, has initiated the development of a Trade Finance Platform (TFP) which is expected to be launched in September this year, as reported by Financial Times on Sunday, July Confirmation was provided by. · Ping An Insurance Group announced on Wednesday the launch of its blockchain-based international trade finance platform, eTradeConnect, in Hong Kong.
Hong Kong to Launch its Blockchain Trade Finance Platform ...
According to Ping An, the new platform. · Their initiative is known as Guangdong, Hong Kong, and Macao Dawan District Trade Finance Blockchain Platform. It will help reduce cost up to %.
Major Chinese blockchain trade finance platform launches ...
KBank: Kasikornbank Public Company Limited is trying out Letter of Guarantee trade finance blockchain with the help of IBM’s Hyperledger solution. · Hong Kong Monetary Authority, Hong Kong’s de facto central bank, launches a Blockchain-powered platform called eTradeConnect to further trade financing, with a coalition of 12 banks, according to an announcement of HKMA.
Initiated by seven banks, namely Bank of East Asia, HSBC Hong Kong and Standard Charted Bank, the platform was managed by Hong Kong Trade Finance Platform. · Blockchain-based innovations are on the rise and rightfully so, as since trade finance has been on a journey to learn, understand and appreciate the potential value of blockchain technology.
This is because blockchain not only drives to the heart of removing process friction with its core capability of distributed ledger technology (DLT.
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Inseven major banks in Hong Kong decided to commercialisean HKMA-led, Distributed Ledger Technology (DLT)-based, trade finance proof -of-concept into a production system called the Hong Kong Trade Finance Platform (HKTFP). The initial proof-of-concept aims to digitise and accelerate the sharing of trade documents between buyers. Galileo Platforms, a Hong Kong-based blockchain technology platform for the insurance industry, collaborated with Singlife Philippines, a mobile-first life insurer from Singapore, and GCash, an e-wallet in the Philippines, to launch a platform for life insurance products.
· From Global Trade Review (GTR) | By Finbarr Bermingham. Banks have confirmed their plans to bring Hong Kong’s blockchain-based platform for trade finance to fruition, as reported by GTR in June.
ANZ, Bank of China, Bank of East Asia, DBS, Hang Seng Bank, HSBC and Standard Chartered will be the launch banks of the project.
· The Strix Leviathan trade execution engine is built on a single API that allows for simultaneous trading on multiple blockchain platforms. Industry impact: Founded in earlyStrix Leviathan has already raised more than $ million in funding for the expansion of its blockchain-based trading software. The blockchain-based transaction capitalized on the connectivity established between Hong Kong’s eTradeConnect and People’s Bank of China Trade Finance Platform (PBCTFP).
eTradeConnect is a DLT-enabled platform whose founding members include Standard Chartered Hong Kong, which assists trading partners and customers to undertake trade and trade financing cost-efficiently. · The first blockchain-based trade finance transaction has been completed in Oman for the country’s oil & gas industry.
R3’s Corda platform was used for the transaction, with HSBC Bank issuing the digitized letter of credit. The transaction was between Oman Oil and Orpic Group and Abu Dhabi National Carpet Factory for the sale of polypropylene.
· Trade Finance Platform Launched in Hong Kong. HSBC, Standard Chartered and 10 other banks have developed a trade finance platform powered by blockchain eetf.xn--80aplifk2ba9e.xn--p1ai platform. Four months ago the central bank People’s Bank of China piloted a blockchain trade finance platform targeting the Guangdong, Hong Kong, and Macau Areas called the “ Bay Area Trade Finance Blockchain Platform ” (BATFB).
In October Ping An’s OneConnect launched the “ One Enterprise Chain ” supply chain finance platform. · China Construction Bank’s updates of blockchain platform after $50B transacted. One of China’s four largest banks, China Construction Bank (CCB) has officially released the second version of its blockchain platform for trade finance, reaching billion yuan ($50 billion) in cumulative transaction volume.
“The Trade Finance Platform is a blockchain project initiated by 7 banks in Hong Kong.
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The project has been facilitated by the HKMA and is targeted for launch by September ,” the authority told. Of ’s newcomer blockchain firms, 45% were enterprise blockchain companies, 27% built digital asset trading platforms, 14% were digital asset custodians and 9% focused on trade finance. One of the largest banks in the world, HSBC along with Standard Chartered and other banks has developed a blockchain-based trade finance platform.
Trade Finance Platform Launched in Hong Kong HSBC, Standard Chartered and 10 other banks have developed a trade finance platform powered by blockchain technology. The platform called “eTrade Connect” was launched in. eTradeConnect is a blockchain-based trade finance platform launched in October with support from the HKMA and funded by a consortium of 12 major banks in Hong Kong.
The PBOC Trade Finance Platform was also first deployed for testing in · The partners will digitize trade finance documents and move them on a blockchain-powered platform to facilitate trade finance.
The HKMA's deputy chief executive said in. Backed by a consortium of 12 shareholder banks, eetf.xn--80aplifk2ba9e.xn--p1ai is one of the first blockchain-powered trade finance platforms to go live. The project was first launched in January – at the time under the name Digital Trade Chain.
It later rebranded to eetf.xn--80aplifk2ba9e.xn--p1ai and was incorporated as a legal entity in April · IBM announced today that it would become a new shareholder in eetf.xn--80aplifk2ba9e.xn--p1ai with 12 other banks. This is another investment in supply chain networks powered by blockchain. · The Hong Kong Monetary Authority (HKMA), which is more or less the central bank for Hong Kong, just made a very interesting move. They announced they would be working with a group of the world’s largest banks, in conjunction with Ping An, to roll out an industry standard blockchain-based solution for trade finance.
On first glance this program is similar to others that have been in the news. · Trade finance blockchain platforms need to be scalable. Also, they need to cover thousands of transactions within seconds. That’s why Hyperledger offers high scalability with premium quality output. Need-To-Know Data Availability. Trade finance blockchain platforms have to deal with a lot of sensitive documentation. · Hong Kong Monetary Authority Goes Blockchain Trade Platform.
Just this week, the Hong Kong Monetary Authority unveiled that it will go live next month with a blockchain-backed trade platform set to link up with 21 banks, including HSBC and.
Blockchain use case in trade finance
Other notable trade finance blockchain platforms have been driven by technology companies with IBM creating eetf.xn--80aplifk2ba9e.xn--p1ai and Batavia to bring various banks together on a common platform while enterprise blockchain technology company R3 formed Voltron and Marco Polo for similar reasons. · A cooperative initiative between key trade financing platforms in mainland China and Hong Kong has officially commenced trial operation.
The Chinese central bank’s Trade Finance Blockchain Platform (贸易金融区块链平台) and Hong Kong’s eTradeConnect platform have completed the first phase of integration and commenced trial operation, according to a joint announcement. Trade Finance helps businesses fund goods or services and unlock working capital.
Talk to our Hong Kong Trade Finance Experts and + Funders, Download our Free Infographic & Video and Read our Top 7 Tips for Accessing Trade Finance. 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. · Similarly, two additional projects supported by IBM called “eetf.xn--80aplifk2ba9e.xn--p1ai,” a blockchain-based trade finance platform, and “CLSNet,” a blockchain-based payment service, both launched. · In OctoberSingapore launched its first blockchain-based trade finance platform.
In China, blockchain-backed trade finance is already widely adopted.
Hk Blockchain First Blockchain-powered Trade Finance Platform. Standard Chartered Completes Cross-blockchain Trade ...
Around banks in China have joined the blockchain platform spearheaded by the State Administration of Foreign Exchange to provide trade finance to their clients, according to data from. The Hong Kong arm of Standard Chartered Bank announced today that the bank has successfully completed its first cross-blockchain platform transaction between Hong Kong and Mainland China.
Standard Chartered Hong Kong is a founding member of eTradeConnect, a DLT-based platform helping customers and trading partners to conduct trade and trade financing in a cost-efficient way. · Other noteworthy startups reinventing trade finance in Asia include Capital and Credit Risk Manager (CCRManager) from Singapore, a global digital platform for the secondary trading of trade finance obligations, as well as Liberatrade, a company from Hong Kong that uses AI for supply chain funding, logistics and predictive demand.
/media/news/News/eetf.xn--80aplifk2ba9e.xn--p1ai The participants are expected to start the PoC in the first quarter of next year. “Once the connection has successfully been established, it will provide firms in both places with more convenient trade finance services and enable banks in Hong Kong to expedite the expansion of their trade finance business,” the announcement stated.
Standard Chartered Bank announced the successful completion of its first cross-blockchain pilot transactions between Hong Kong and Mainland China. The transaction was carried out between the eTradeConnect platform in Hong Kong and the People’s Bank of China Trade Finance Platform (PBCTFP) in Mainland China.
The Chinese central bank previously said it would trial its digital yuan [ ]. Blockchain Trade Finance Platform The first bank in the UAE to run an end-to-end Blockchain trade finance transaction with automated documentation was Abu Dhabi Commercial Bank (ADCB).
This was possible in partnership with Singapore-based dltledgers platform, thus providing efficient services to clients and even faster access to cash. · Partnering with Dubai-based retailer, Landmark Group, the bank used its blockchain powered Voltron platform, to issue a Letter of Credit which that connected with the retailer’s ReChainME, which enabled connectivity with its logistics partners at both ends of a key trading corridor.
· The Bangladesh branch of global banking firm HSBC has conducted the country’s first blockchain-based letter of credit (LC) transaction on the Contour blockchain platform.
The transaction was used to settle the importation of 20, tonnes of fuel oil from United Group’s Singapore subsidiary United Mymensingh Power.