HSBC has successfully completed its first batch of live trade finance transactions on eTradeConnect - the newly launched blockchain platform co-funded by seven banks and facilitated by Hong Kong Monetary Authority.
What is eTradeConnect?
Owned and operated by the Hong Kong Trade Finance Platform Company Limited (HKTFPCL), eTradeConnect is a platform built on Blockchain that allows buyers and sellers to create, exchange and confirm purchase orders and invoices in real-time, share information on a “need-to-know” basis as well as submit applications for financing on one single interface. Participants of eTradeConnect benefit from enhanced transparency and potential access to multiple banks for trade loans with the use of eTradeConnect.
Note: eTradeConnect is now at a pilot stage and will have further enhancement before extending to other corporates and potentially in other markets.
Features and benefits
Trade Financing: Speed up the process of trade loan applications from banks
Efficient: Sharing of trade finance documents on real-time and need-to-know basis. Reduce costs and dispense with the paper–based process
Transparency: Enhancement of transactions’ transparency which operates on an open account basis so that trading terms of a purchase order become more visible to all relevant participants
Reconciliation of Information: Standardisation and digitisation of trade document help reduce reconciliation efforts and human errors
Find out more
eTradeConnect is a platform operated and provided by third party. Please refer to eTradeConnect website for further details.
Please contact your Relationship Manager or Business Development Manager of Global Trade and Receivables Finance for any enquiries.
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