OCBC to Reduce Paper Documents in Favor of Blockchain Solutions

Asia Blockchain Review
May 26, 2019

OCBC has disclosed that the bank is set to digitize operations in the trade finance sector in order to reduce the use of paper, according to Bloomberg.

The business media outlet reported that Ng Chuey Peng, Managing Director and Head of Global Commodities Finance at OCBC, revealed that the organization is focused on digitizing its work processes in the trade finance sector.

Ng explained that these processes are highly dependent on paper documents to prove ownership, existence, and payment of products and services. However, paper documents are subject to forgery and fraud. Case in point, Citi and Standard Chartered in 2014 faced significant losses in relation to forged warehouse receipts for metal at a Chinese port.

To combat this potential threat to the banking industry, Ng revealed that OCBC is carrying out a project that will “leverage technology in order to reduce the use of paper in commodities trade finance,” in a move to expand the bank’s trade finance business. Moreover, OCBC is set to form a team dedicated to this initiative within the year.

Ng added, “Blockchain, Komgo, Forcefield, Vakt, one of these will have to work to change how trade is being done. It’s a matter of time. When, I can’t tell, but I think it has to go paperless.”

Meanwhile in Hong Kong, a blockchain-powered trade finance platform, eTradeConnect, was introduced in the banking industry with the aim of digitizing financial documents, allowing all stakeholders to share data in real-time. The move is expected to make financial transactions more transparent and eliminate document forgery.

Source: sbr.com.sg


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us