we.trade and eTradeConnect announce collaboration

After several weeks of joint work, the parties start the immediate development with this MoU, for the interconnection of the two platforms for trade transactions, allowing corporates in we.trade to initiate a trade with companies in eTradeConnect as well as requesting financing of invoices and vice versa. This signifies the connection between two large-scale blockchain trade finance platforms.

Interconnection of blockchain networks is a key requirement to expand the reach of members and services that each individual network offers: with this MoU, we.trade and eTradeConnect, jointly with their IT partners, respectively IBM and OneConnect, have designed for the first time in the world a framework for that connection to materialise between the two platforms, through a proof-of-concept (POC) to be completed in the next months.

eTradeConnect, a blockchain-based trade finance platform initiated by a consortium of 12 banks in Hong Kong, has been launched since September 2018. Leveraging the features of blockchain technology, eTradeConnect aims to build better trust among trade participants, reduce risks and facilitate trade counterparties to obtain financing by digitising trade documents and automating trade finance processes. eTradeConnect is the first large-scale multi-bank blockchain project in Hong Kong.

we.trade, the first blockchain-based trade finance platform in Europe, based on the IBM Blockchain Platform, was launched in June 2018 and has been providing service to 14 major European banks. we.trade aims to facilitate cross-border trades to be conducted in a seamless, simple and trustful manner. It has announced its roadmap of expansion beyond Europe from 2019. The collaboration between eTradeConnect and we.trade opens the first doorway between the Asian and European markets.

The two platforms share a common vision of facilitating cross-border trades through establishing global connectivity. The collaboration of the two platforms with similar functions using similar technology also creates strong bonding and synergy, towards the development of a global network of networks. This paves the way for a digitised trade corridor between Asia and Europe for trade finance business.