Blockchain grouping Global Shipping Business Network (GSBN) has teamed with Bank of China (Hong Kong) in a bid to help streamline the trade finance process, the first financial institution to come onboard the venture that includes Cosco, Hapag-Lloyd and port operators PSA, SIPG and Hutchison as members.
Through the collaboration, BOCHK can obtain relevant cargo information directly from GSBN members based on the shipping document serial number and authorisation provided by corporate customers when they submitted trade finance applications. This helps to eliminate the need for paper cargo receipts.
We are here to simplify trade for all
Teng Linhui, general manager at the bank, said, “BOCHK is committed to strengthening its cooperation with the shipping industry, with an aim to accelerate process optimisation, information transmission and service innovation between the finance and the shipping industry. All these will enhance operational efficiency of supply chains and promote the development of international trade.”
Going forward, GSBN and the bank will work together to explore different scenarios and models and bring about integration of trade finance and shipping logistics.
Bertrand Chen, CEO of GSBN, said, “GSBN has been established to enable and accelerate the digital transformation of the shipping industry. Its industry-wide, secure, trusted data exchange platform will facilitate the sharing of data to streamline operations, improve the user experience and create value for all stakeholders in the supply chain. We are here to simplify trade for all. The collaboration with BOCHK aims to extend this digital transformation beyond logistics service providers to financial institutions.”