SHENZHEN, China, Nov. 22, 2020 /PRNewswire/ -- OneConnect
Financial Technology Co., Ltd. ("OneConnect" or the "Company")
(NYSE: OCFT), an associate of the Ping An Group, and China
Merchants Group recently launched the Guangdong-Hong Kong-Macao Greater Bay Area
Port Logistics and Trade Facilitation Blockchain Platform Project
for the ports Shekou and Shunde.
The "linked port" technology ecosystem for the two ports is the
first step to ultimately improve cross-border trade efficiency
across the whole Greater Bay Area, one of the world's largest port
zones. With increasing container throughput and cross-border trade,
it is vital for the Greater Bay Area to integrate its 37 ports to
remain competitive.
The technology project is part of the new infrastructure plan
promoted by the Shenzhen municipal
government and other governmental departments.
In a promising pilot, 200 twenty-foot equivalents (TEUs) of real
goods were imported and exported between the Shekou and
Shunde ports. The technology
linking the two ports reduced import and export-related logistics
processes from five to seven days to just two days. Transportation
and customs declaration costs for enterprises also fell by 30%.
The integrated technology linking trade participants operating
in the Greater Bay Area will improve communication, streamline port
clearance processes and enhance the overall competitiveness of
ports within the region.
The linked port project will use advanced technologies,
including blockchain, big data, artificial intelligence (AI) and
cloud computing, to help create smart ports, and enable smart
regulation, smart trade and smart finance processes. OneConnect is
a technical supporter of the project. It constructed the core port
logistics data standards and the blockchain platform.
Using these technologies, trade participants will be able to
connect with customs officials efficiently through a shared
blockchain network across the Greater Bay Area. Trade participants
will be able to swiftly identify the authenticity of any trade
transaction through the validation of cross-border trade-related
information registered on the blockchain.
The project focuses on four areas: smart ports, smart
regulation, smart trade and smart finance. China Merchants Group's
port in Western Shenzhen will act
as a key smart port that allows sharing of resources through
blockchain technology, promoting efficient logistics and creating a
digital ecosystem for port shipping in the Greater Bay Area.
Smart regulation will improve cooperation between custom
officials and enterprises with a collaborative customs clearance
process. Two separate customs declaration procedures will be
simplified into one, with cross-validation capabilities made
possible by blockchain technology and real-time information capture
through Internet of Things (IoT)-based processes.
Trading enterprises will also benefit from smart trade solutions
for convenient customs clearance, efficient logistics and digital
finance, which will create a trust-based, convenient, efficient,
and traceable trading environment. Digital financial services such
as export tax rebate financing and cross-border e-commerce
financing will enhance integrated trade finance services in the
Greater Bay Area and build up core competitiveness.
As data on the blockchain cannot be tampered with and allows for
automatic cross-verification with the data being encrypted,
OneConnect will ensure the logistics data can be traceable and
impossible to change. The linked port will greatly enhance
authentication processes for logistics and transportation.
The platform will also issue real-time warnings to assist the
customs departments in managing any sensitive data regarding ships,
containers and cargo.
About OneConnect
OneConnect is a leading technology-as-a-service platform for
financial institutions in China.
The Company's platform provides cloud-native technology solutions
that integrate extensive financial services industry expertise with
market-leading technology. The Company's solutions provide
technology applications and technology-enabled business services to
financial institutions. Together they enable the Company's
customers' digital transformations, which help them increase
revenue, manage risks, improve efficiency, enhance service quality
and reduce costs.
Our technology-as-a-service platform strategically covers
multiple verticals in the financial services industry, including
banking, insurance and asset management, across the full scope of
their businesses – from sales and marketing and risk management to
customer services, as well as technology infrastructure such as
data management, program development, and cloud services.
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SOURCE OneConnect