Perspectives

OneConnect plays key role in launching China’s first cross-border blockchain trade project in the Port of Tianjin, achieving three firsts in the country

 

After more than seven months of planning, research, testing and safety assessments, OneConnect has successfully implemented the verification and application of blockchain technology in cross-border trade with the official launch of the trial project of blockchain verification at Tianjin Port. The project marks the first time that Tianjin Port has realized the deep integration of blockchain technology and cross-border trade, such as transaction, finance, logistics and regulation. The Company has initially established a blockchain cross-border trade ecosystem, which opens a new chapter for the standardization of the blockchain industry. ROHM Semiconductor (China) Co., Ltd. successfully submitted its first blockchain customs declaration on the same day the project was launched.

In 2018, China's imports and exports of products exceeded RMB30 trillion. Despite small- to medium-sized enterprises (SMEs) accounting for 60% of the total trade, they are still facing funding challenges, mainly due to the difficulty of obtaining timely customs clearance information, lack of credit information exchange among relevant regulatory bodies and financial institutions, and difficulty obtaining trade-related information by financial institutions for authenticity verification. These problems lead to a high risk of fraud, which in turn makes financial institutions wary about lending to enterprises. The building of a blockchain-based cross-border trade service network is set to contribute to the establishment of the enterprise credit system, facilitate SMEs to further expand their businesses, and improve trade convenience, efficiency and cash turnover of SMEs. It also helps financial institutions improve risk-control ability and establish a long-term and efficient lending mechanism to solve the funding and trading difficulties facing SMEs due to credibility concerns.

Ye Wangchun, chairman and CEO of OneConnect, said, "The project marked three firsts in the new era of cross-border trade. It is the first cross-border trade network promoted by blockchain technology in China; it is the first standard system with respect to the standardized blockchain cross-border trade, legal compliance and technical specification; and it is the first cross-border trade alliance built on blockchain. OneConnect will combine its leading technical strengths with extensive practical experience for the Cross-border Trade Blockchain Pilot Project at Tianjin Port, which can help to systematically standardize blockchain-based cross-border trade, and complete legal compliance and technical standards.”

As a global leader in blockchain, Ping An’s blockchain trading volumes exceeded RMB20 trillion in 2018. In 2019, in the first batch of blockchain projects approved and announced by Cyberspace Administration of China, five of the Group’s projects made the list. Out of that list, two were developed by OneConnect. The Cross-border Trade Blockchain Project in Tianjin also made the list, improving OneConnect’s recognition within the industry and nationwide.

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