The Chinese insurance giant, Ping An that created and launched the eTradeConnect blockchain is modifying the platform to give its 12 participating banks more control over customer relationships, according to the statement made by the head of the blockchain division, Frank Lu.
The head of the blockchain division of OneConnect and the developer of eTradeConnect platform stated that the development team is currently researching the way companies submit their data for trade financing.
Thus, the main idea and the aim of the platform now is to motivate customers to sign up through individual banks instead of going to a central portal,
ETradeConnect was initially revealed in 2017 as a proof-of-concept by the Hong Kong Monetary Authority (HKMA), and formally launched in October 2018. The main aims of eTradeConnect are to bring efficiency to the trade finance market in Hong Kong for small and mid-size enterprises (SMEs) while preventing fraud.
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