Today the Hong Kong Monetary Authority (HKMA)
announced the official launch of its blockchain trade finance platform
eTradeConnect. It was previously known as the
Hong Kong Trade Finance Platform. There are also plans to collaborate with
we.trade which until now has focused on Europe.
The platform involves digitizing trade documents to automate the trade finance process. The benefits expected are greater efficiency and reduced risk from the prevention of fraud and identity theft. Ultimately the aim is to facilitate trade by increasing credit availability and lowering financing costs.
The initial version offers open account
trade finance like factoring. But the aim is to expand to other forms of trade finance and beyond banking.
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