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Hong Kong-based Hang Seng Bank has announced that it has successfully completed a pilot trade transaction for two corporate customers using the recently launched eTradeConnect platform.
The Hong Kong Monetary Authority (HKMA) announced the official launch of blockchain-based trade finance platform – eTradeConnect – late last month. The platform, developed by a consortium of 12 banks including Hang Seng, facilitates the processing and financing of trade transactions for corporate customers using distributed ledger technology (DLT).
“We are pleased to have worked with the HKMA and other banks in Hong Kong to introduce the eTradeConnect trade finance blockchain platform, which marks a new milestone in the advancement of fintech in Hong Kong,” Donald Lam, Head of Commercial Banking at Hang Seng, said.
In its official release, Hang Seng said that it facilitated an end-to-end blockchain transaction between Clover Group International Limited and Regina Miracle International Limited for the sale and purchase of apparel accessories. The pilot leveraged eTradeConnect platform for the preparation and transmission of digital trade documents, auto data matching, as well as the raising of the trade finance request.
“The pilot run of eTradeConnect began at the end of September this year and was officially launched today. The platform further enhances trade efficiency, reduces risk and improves financing accessibility through the digitisation of trade documents and the greater automation of the trade finance process,” Hang Seng said.
Hang Seng Bank, a principal member of the HSBC Group, operates around 270 service outlets serving both personal and business customers.
