​Standard Chartered Completes First Cross-Blockchain Platform Transaction

​Standard Chartered Hong Kong, a wholly owned subsidiary of Standard Chartered PLC, announced that it has successfully completed its first cross-blockchain platform pilot transactions between Hong Kong and Mainland China.

The transaction was executed through the connectivity recently established between eTradeConnect in Hong Kong and People’s Bank of China Trade Finance Platform (PBCTFP) in Mainland China.

eTradeConnect was launched in 2018 with the support of the Hong Kong Monetary Authority. The blockchain-based trade finance platform aims to foster trust among trade participants through digitisation of trade documents and automation of trade processes with a view to improving efficiency, reducing risks and facilitating trade finance.

As one of the seven banks that have participated in the pilot transactions testing the connectivity between the two blockchain-based trade finance platforms, Standard Chartered Hong Kong helped clients in Hong Kong to complete trade transactions through eTradeConnect with its suppliers who completed the trade through PBCTFP in Mainland China. 

Trade and trade finance transactions which used to involve a lot of manual paper work that could take days or even weeks to process can now be completed seamlessly on one single platform. The blockchain-based platforms have significantly enhanced the efficiency, security and transparency of cross-border trade.

Mr Ricky Kaura, Head of Transaction Banking, Asia Pacific, Africa and Middle East, Standard Chartered, said: “As a key trade bank in the world, Standard Chartered plays a leading role in trade digitisation with the aim of promoting global trade and prosperity. Hong Kong is an important regional trade hub with close business ties with Mainland China. We hope the success of connecting the two blockchain-based trade finance PUBLIC platforms in Hong Kong and Mainland China can further boost cross-border trade benefitting both importers and exporters.”