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Ping An’s OneConnect demos blockchain for trade in Thailand

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In Thailand, there’s a broad private sector initiative to develop a National Digital Trade Platform (NDTP). We previously reported that NTT Data completed a trial for the project. Additionally, on November 7, OneConnect, the blockchain and AI arm of China’s Ping An insurance conducted a proof of value (PoV) workshop. Hence it’s at an earlier stage compared to NTT Data.

The meeting was attended by over 25 representatives of the Thailand Banking Association and the Federation of Thai Industries. The goal was to demonstrate OneConnect’s ability to use blockchain for securely sharing data between enterprises over a digital trade platform.

Thailand is trying to develop a digital trading platform to link with the National Single Window and other similar platforms in the region. The effort is to boost trade in the ASEAN region while ensuring that all trade data is accurate. Blockchain promises to bring several trade stakeholders on a single platform to enable information exchange.

The NDTP project is an initiative from Thailand’s Joint Standing Committee on Commerce, Industry and Banking of Thailand (JSCCIB). The JSCCIB is a standalone body made up of the Thai Chamber of Commerce, the Board of Trade, the Federation of Thai Industries and the Thai Bankers Association. It is working with the Office of the Public Sector Development Commission to set up the NDTP, a central system to link Thailand’s trade avenues.

OneConnect, even though it is seen as an AI company, has several fintech solutions and deep blockchain experience. It recently filed for a $100 million U.S. IPO of American Depositary Shares.

On the blockchain front, OneConnect has built a trade finance platform, eTradeConnect, for the Hong Kong Monetary Authority. A few months ago, it published a whitepaper on the importance of interoperability of blockchains for better trade practices.

Last week, OneConnect launched a smart lending platform SeekCap in partnership with UBX, a subsidiary of the UnionBank of the Philippines. The company is also working with Sinar Mas to launch a multi-finance platform for vehicle loans.

Meanwhile, in Thailand, there’s a consortium of 22 banks, the Thailand Blockchain Community Initiative (BCI), which is currently working on blockchain letters of guarantee.

Last week, the Thai government announced three blockchain projects for VAT refunds, bonds and procurement.