SHENZHEN, China, Dec. 2, 2019 /PRNewswire/ — OneConnect Financial Technology Co. Ltd. (OneConnect), an associate company of Ping An Group, recently conducted a Proof-of-Value workshop for the National Digital Trade Platform (NDTP) Working Group from the Joint Standing Committee on Commerce, Industry and Banking of Thailand (JSCCIB).
JSCCIB, comprising Thai Chamber of Commerce, Board of Trade, Federation of Thai Industries and Thai Bankers Association, has been identified by the cabinet of the government of Thailand as one of the parties that will jointly work with the Office of the Public Sector Development Commission to set up the NDTP. The NDTP will be a central system linking international digital trade data that comply with other countries.
More than 25 leaders and representatives of the Thailand Banking Association and Federation of Thai Industries attended the workshop. During the workshop, OneConnect showcased a system prototype demonstrating how its advanced blockchain and cryptography technologies enable information exchange while ensuring commercial data privacy within a digital trade platform. OneConnect illustrated how trade processes are digitized and simplified through data and document threading, and how trade irregularities can be detected and risks reduced through data cross verification.
OneConnect also shared its experience and capability in developing and operating similar platforms in Asia, such as eTrade Connect, a blockchain trade finance platform OneConnect built for the Hong Kong Monetary Authority. The platform is the world’s first cross-border DLT trade finance platform led by a government authority. Launched in September 2018, 12 major banks on the platform, to date, enjoy paperless e-purchase orders, e-invoice, smart contracts, and zero-knowledge proof verifications which prevents double financing and reduces risks and manual errors with on-chain credit record and dynamic credit rating update.
OneConnect also built China’s first cross-border trade service blockchain for Tianjin Port. The blockchain platform standardizes cross-border trade, legal compliance and technical standards, thereby enhancing customs efficiency and supply chain management capabilities, while fostering a healthy ecosystem among customs, banks and regulators.
OneConnect and JSCCIB also exchanged views on key challenges encountered by the trading and financial services communities and how Thailand’s NDTP can be a central platform connecting to the National Single Window to centralize online import-export data related to customs, export agents, freight forwarders and the shipping and airline companies.
Joint Standing Committee on Commerce, Industry and Banking or JSCCIB-Thailand was established in 1977, as an apex body of the three core private sector organizations, namely the Board of Trade of Thailand (BOT), the Federation of Thai Industries (FTI) and the Thai Bankers’ Association (TBA). Main missions are as follows; (1) Acts as a forum to share experiences concerning problems and prospect relating to trade, industry, banking and financial development. (2) Serve as a central coordinating body in providing recommendations and advice to the Joint Public-Private Consultative Committee (JPPCC), chaired by the Prime Minister and attended by ministers of economic affairs. (3) To be responsible for finding common position of private sector on relevant issues being raised in both bilateral and multilateral forum. And (4) Enhancing its role in economic, trade and investment promotion with its counterparts internationally.
About OneConnect Financial Technology
OneConnect, a leading technology-as-a-service platform for financial institutions, is an associate company of Ping An Group.
The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. These solutions enable our customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.
OneConnect provides technology applications and technology-enabled business services to multiple verticals in the financial services industry, including banking, insurance and asset management. The Company now has 12 technology solutions across the full scope of their businesses—from sales and marketing and risk management to customer services and operations, as well as technology infrastructure such as data management, program development, and cloud services.
For more information, please visit www.oneconnectft.com.sg
About Ping An
Ping An Group (“Ping An”) is a world-leading technology-powered personal financial services group. With 182 million customers and 513 million Internet users, Ping An is one of the largest financial services companies in the world.
Ping An has two over-arching strategies ‘pan financial assets’ and ‘pan healthcare’, which focus on the provision of financial and healthcare services through our integrated financial services platform and our five ecosystems in financial services, healthcare, auto services, real estate services and Smart City services. Our aim is to provide customers and internet users with innovative and simple products and services. As China’s first joint stock insurance company, Ping An Group is committed to upholding the highest standards of corporate reporting and corporate governance. The company is listed on the stock exchanges in Hong Kong and Shanghai.
Ping An ranked 7th in Forbes’ 2019 Global 2000, and it ranked 29th in Fortune Magazine’s 2018 Global 500 Leading Companies. Ping An also ranked 40th in 2019 WPP Milward Brown’s BrandZTM Top 100 Most Valuable Global Brands. For more information, please visit www.pingan.cn