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.