HONG KONG, Oct. 31, 2018 /PRNewswire/ -- Ping An Insurance
(Group) Company of China, Ltd. (hereafter "Ping An" or "the
Group" or "the Company")(HKEx: 2318)(SSE: 601318) 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 today, the Hong Kong Monetary Authority 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 Limited
(ANZ), Bank of China (Hong Kong) Limited, The Bank of
East Asia, Limited, DBS Bank (Hong Kong) Limited, Hang Seng
Bank Limited, The Hongkong and Shanghai Banking Corporation Limited and Standard Chartered Bank (Hong
Kong) Limited. Currently other member banks are Agricultural Bank of China Limited Hong Kong Branch, Bank of
Communications Co., Ltd. Hong Kong Branch, BNP Paribas Hong Kong Branch, Industrial And
Commercial Bank of China (Asia) Limited and Shanghai Commercial
Bank Limited.
Leveraging blockchain's distributed ledger technology, financial institutions will potentially be able to access real-time,
secured and comprehensive trade information to conduct their risk assessment on loans. The blockchain technology will also
enhance efficiency and potentially reduce financial costs for companies by digitalizing trade documents in trade loan
applications.
For enquiries, please contact:
Gareth Hewett @ +852 68822027 or gareth.john@pingan.com.hk
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SOURCE Ping An Insurance (Group) Company of China, Ltd.