Bank of China (Hong Kong) (“BOCHK”) and Global Shipping Business Network (“GSBN”) sign a memorandum of understanding to promote digital transformation of supply chains for the shipping industry. The collaboration will help streamline the trade finance process, thereby increasing efficiency and security of trade finance as well as enhancing users’ experience. BOCHK is the first financial institution partner with GSBN to foster digital transformation of supply chains.
Ms Teng Linhui, General Manager, Transaction Banking Department, BOCHK, 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. As GSBN’s founding members are international key players and participants in the shipping industry, the collaboration enables BOCHK to build a secure and trusted supply chain finance ecosystem with its partners in the shipping industry. Going forward, both parties will work together to explore different scenarios and models and bring about integration of trade finance and shipping logistics, the two important elements in supply chains, in order to promote trade facilitation and create value for customers.”
Mr Bertrand Chen, Chief Executive Officer, Global Shipping Business Network, 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.”
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, increasing the efficiency of trade finance authentication checks and lowering customers’ management costs. During the initial phase of collaboration, BOCHK has successfully completed pilot transactions with two founding members of GSBN, namely COSCO SHIPPING LINES and OOCL, proving the benefits of incorporating real-time shipping information in trade finance.
GSBN’s shareholders are comprised of major global carriers and terminal operators, including COSCO SHIPPING LINES, COSCO SHIPPING PORTS, Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International, and Shanghai International Port Group.
Remarks: The above products, services and offers are subject to the relevant terms and conditions. For details, please contact BOCHK staff.
- END -
About Bank of China (Hong Kong) Limited
Bank of China (Hong Kong) Limited (“BOCHK”) is a leading commercial banking group in Hong Kong with strong market positions in all major businesses. We have the most extensive branch network and diverse service platforms in Hong Kong, including more than 190 branches, 280 automated banking centres, efficient e-channels of over 1,000 self-service machines, as well as efficient e-channels such as Internet and Mobile Banking services. We offer a comprehensive range of financial, investment and wealth management services to personal, corporate and institutional customers. We are actively pushing forward our regional development and expanding our business in the Southeast Asian region. With our branches and subsidiaries in Thailand, Malaysia, Vietnam, the Philippines, Indonesia, Cambodia, Laos, Brunei and Myanmar, we support customers in the region with professional and high-quality financial services.
BOCHK is one of the three note-issuing banks and the sole clearing bank for Renminbi (“RMB”) business in Hong Kong. Our strong RMB franchise has made us the first choice for customers in RMB business. Through close cooperation with our parent bank Bank of China, we provide a full range of high-quality cross-border services to multinationals, cross-border customers, mainland enterprises going global, central banks and super-sovereign organisations.
BOC Hong Kong (Holdings) Limited, BOCHK’s holding company, is one of the largest listed companies on the Main Board of the Stock Exchange of Hong Kong, with stock code “2388” and ADR OTC Symbol “BHKLY”.
About Global Shipping Business Network
Global Shipping Business Network (GSBN) is a data exchange platform established on a not-for-profit basis. Its shareholders are comprised of major global carriers and terminal operators. Its mission is to enable and to accelerate the digital transformation of the global shipping industry by providing an end to end, secure, digital collaboration platform leveraging blockchain technology to share verified logistics and cargo data to benefit all stakeholders involved in global trade. Here to simplify trade for all. For more information please visit www.gsbn.trade.