Bank of China, DBS and HSBC join GSBN financial advisory group to digitize finance
Bank of China, Singapore's DBS, and HSBC have partnered with Global Shipping Business Network (GSBN), a non-profit consortium based in Hong Kong. Which recently launched a blockchain-based trading platform. The goal of the partnership is to eliminate paper documentation in maritime trade processes.
Blockchain technology could be the solution to the trust problem
The financing of import and export transactions - is seen as a lubricant for global trade. However, it is often difficult for small and medium enterprises to obtain trade finance, and current trade processes are mainly paper-based and rife with inefficiencies. The Asian Development Bank previously estimated the trade finance gap at $1.5 billion. But with a V-shaped pandemic recovery, the International Chamber of Commerce estimated an additional gap of at least $1.9 billion."Breaking siloes between supply chains and trade finance is a critical part to unlocking new value in global trade, which is why we're delighted to have three financial leaders join our mission," said Bertrand Chen, CEO at GSBN.
A solution to the trust problem is supply chain financing, where the SME can rely on the creditworthiness of the wholesale buyer to obtain financing. Blockchain and Big Data will also give rise to new types of credit ratings. Another OECD proposal is a Global Value Chain passport to help with compliance.
GSBN has only announced a partnership with Contour so far
So far, GSBN has only announced its partnership with Contour. However, in China, its hosting is managed by AntChain, and Ant Group has blockchain trade finance solution Trusple, aiming at SMEs. DBS Bank is a member of Trusple and other blockchain trade finance platforms such as dltledgers and Marco Polo.GSBN is supported by COSCO SHIPPING lines (COSCO) and ports, Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International, and Shanghai International Port Group (SIPG).
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