China-based insurance giant Ping An has launched a blockchain-based international trade finance platform in Hong Kong.
eTradeConnect has been initiated by seven banks in Hong Kong and facilitated by the Hong Kong Authority. Its technology was designed and developed by OneConnect, which is a subsidiary of Ping An.
Through the new solution, financial institutions will access real-time, secured and trade information to better handle risk assessment for loans. The solution will boost the efficiency of operations and lower financial costs for companies.
The founding banks include The Australia and New Zealand Banking Group, Bank of China, The Bank of East Asia, DBS Bank, Hang Seng Bank, The Hongkong and Shanghai Banking Corporation and Standard Chartered Bank.
Some of the other member banks include Agricultural Bank of China, Bank of Communications, BNP Paribas, Industrial And Commercial Bank of China, and Shanghai Commercial Bank.
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.”
Last year, Ping An launched a $1bn fund to invest into FinTech and healthtech companies. The fund is managed from Hong Kong and aim to invest primarily outside of China with the companies it backs gaining the potential to access Ping An’s 138 million customers.
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