Fintech
CargoSmart Completes Proof-of-Concept with eTradeConnect to Demonstrate Value in Cross-Network Collaboration for Trade Finance
![](https://thefintechbuzz.com/wp-content/uploads/2019/12/cargosmart-completes-proof-of-concept-with-etradeconnect-to-demonstrate-value-in-cross-network-collaboration-for-trade-finance.jpg)
HONG KONG and SAN JOSE, Calif., Nov. 05, 2019 (GLOBE NEWSWIRE) — CargoSmart, a leading shipment management technology solution provider, today announced the successful completion of a proof-of-concept with eTradeConnect, a multi-bank blockchain consortium in Hong Kong facilitated by the Hong Kong Monetary Authority (HKMA). The engagement explored ways to improve global trade through enhanced collaboration among shippers, banks, terminal operators, and ocean carriers, with applications to be further developed once the Global Shipping Business Network (GSBN) is formed. CargoSmart and eTradeConnect have successfully completed the proof-of-concept facilitated by PwC, with banks and ocean carriers including Bank of China (Hong Kong) Limited, The Bank of East Asia Limited, HSBC, Standard Chartered Bank (Hong Kong) Limited, COSCO Shipping Lines, and OOCL respectively. The proof-of-concept was designed to validate the hypothesis that linking supply chain data with trade finance transactions can provide enhanced transparency, traceability, and efficiency for member banks and their trade finance customers.
Under current practice, in order to apply for financing services, companies are required to provide banks with shipping documents for validation, which takes significant time. The proof-of-concept connects two blockchain networks to exchange information under a strong data governance model. With the consent of its customers, banks in the eTradeConnect network would be allowed to access relevant historical records provided by ocean carriers and terminals. Banks would be able to shorten the customer validation process, with a better understanding of customers’ backgrounds and with real-time, credible shipment event data. The proposed solution intends to accelerate the document validation and trade finance process.
In addition, eTradeConnect member banks will be able to leverage trusted data to streamline their trade finance approval operations, improve their risk management, and enhance their abilities to extend credit to small and medium enterprises (SMEs). It will become easier for borrowers to meet their funding needs and to seize more business opportunities.
Mr. Andy Tung, Co-Chief Executive Officer of OOCL, said, “Finding ways to improve the level of efficiency in how the shipping industry exchanges information and documents have always been a monumental challenge. The success in this proof-of-concept is a very positive direction forward to not only tackle this challenge head on, but to take it a step further by broadening the scope of stakeholders such as financial institutions to be a part of this open and transparent digital ecosystem. We certainly look forward to seeing more of these kinds of forward thinking technologies and collaborations being implemented for the collective good of all stakeholders.”
Digital transformation has swept across many industries in recent years, often in digital silos and mostly without cross-industry outreach. “The exchange of trusted and immutable data enabled by blockchain gives rise to a seamless and secured linkage across the global trade and financial sectors. The convergence of both worlds will unleash enormous opportunities for global trade and give impetus to international economic growth,” said Mr. Lionel Louie, chief commercial officer of CargoSmart. “The proof-of-concept with eTradeConnect has demonstrated the power of trusted networks. CargoSmart will continue to bridge the shipping industry with other sectors for supply chain excellence to create value for all stakeholders.”
As the proposed counterpart of eTradeConnect, the GSBN will be a not-for-profit organization once it is formed after all applicable regulatory and antitrust approvals have been obtained. The GSBN will work with authorities to comply with all applicable regulations concerning information handling and data privacy, and develop standards in this new area of business-to-business data exchange. Upon official formation, the organization will operate a data exchange platform for supply chain participants around the world. The platform is expected to follow strong data governance while data contributors retain control of their data. The platform will also be transparent and fair to encourage participation by all stakeholders.
Mr. Eric Ip, Group Managing Director, Hutchison Ports, said, “The successful completion of a proof-of-concept with eTradeConnect marks a positive beginning of a collaboration between carriers, terminals and banks to explore new products and value propositions for trade finance. We are excited about the potential benefits this can bring to the supply chain. Once GSBN is established, we are confident future members will benefit from its strong data governance and trusted transactions will help simplify trade for end customers.”
The proposed connection between the GSBN, once formed, and eTradeConnect, facilitated by HKMA, is an important step towards unlocking the value of the digitalization of trade finance. It is hoped that the proposed connection will pave the way with forward thinking financial regulators in Asia with a similar approach towards Fintech.
Ms. Teng Linhui, General Manager of Transaction Banking Department of Bank of China (Hong Kong) said, “BOCHK has always been committed to enhancing its financial service capabilities by using innovative technologies, and promoting its cooperation with business partners to digitalise the trade ecosystem. We are pleased to cooperate with CargoSmart and banking peers to foster the development of trade finance infrastructure in Hong Kong. Seamless logistics is a key element of the trade process. We believe that linking eTradeConnect with shipping network not only helps verify trade transactions and reduce financing risk, but also improves customer satisfaction by streamlining the process. Going forward, we will continue to participate in optimisation projects of eTradeConnect, and provide high quality, convenient and efficient services for our customers.”
Ms. Jeanny Ip, Head of Global Trade and Receivables Finance, Hong Kong and Macau, HSBC, said, “HSBC is committed to transforming and digitising trade to make it faster, safer and more efficient. As one of the co-funding banks supporting the eTradeConnect platform, we are delighted to participate in the proof-of-concept which will help build a global trade ecosystem and further simplify trading process for our clients. Based on the feedback we obtained from previous eTradeConnect pilot transactions, HSBC sees the need and demand for a single platform where clients can facilitate cross-border trade. Clients are telling us that they want a more comprehensive customer journey, one that removes duplication. This is a win-win for all participants of international trade.” “As a leading global trade bank, Standard Chartered is highly dedicated to the digitisation of trade, in order to enhance the client experience as well as the efficiency and transparency of global trade. With the success of the proof-of-concept that represents a truly digitalised process, banks and clients are no longer restricted by physical or electronic documents, rather shipment data are treated as individual data points that can be exchanged within client’s ecosystem, reimagining client experience while improving banks’ operation and credit processes,” said Mr. Biswajyoti Upadhyay, Head of Transaction Banking, Hong Kong, Standard Chartered Bank (Hong Kong) Limited.
Mr. James Chang, PwC China Consulting Leader, said, “The digital economy is blooming and the trade ecosystem is an essential part of the transformation. We are excited to be part of this cross-industry collaboration, which is an example that demonstrates our commitment to innovation, technology and creating value by facilitating industry collaboration.”
About CargoSmart About GSBN About eTradeConnect Leveraging the unique features of blockchain technology, eTradeConnect aims to foster trust among trade participants through digitization of trade documents and automation of trade processes with a view to improving efficiency, reducing risks and facilitating trade finance.
For detailed information about the eTradeConnect platform, please visit https://www.etradeconnect.net/
About PwC Contact: Christine Deihl
CargoSmart Limited empowers companies to digitally transform their global supply chains. Leveraging technologies including artificial intelligence, Internet of Things, blockchain, and a deep understanding of ocean shipping, CargoSmart provides innovative solutions for transportation and logistics teams to collaborate, increase visibility, and gain insights to optimize supply chain planning and operations. Founded in 2000 and headquartered in Hong Kong, CargoSmart has helped over 160,000 professionals worldwide increase delivery reliability, lower transportation costs, and streamline operations. For more information, visit www.cargosmart.ai.
The proposed Global Shipping Business Network (GSBN) intends to provide a platform for all shipping supply chain participants to work collaboratively to accelerate the digital transformation of the shipping industry. Once the GSBN has been formed, it will be a not-for-profit company that will operate a data exchange platform, with founding shareholders that will include global carriers and terminal operators.
eTradeConnect, the very first blockchain-based trade finance platform in Hong Kong, was launched in September 2018. This trade finance platform was initiated by seven banks, including Australia and New Zealand Banking Group Limited, Bank of China (Hong Kong) Limited, The Bank of East Asia, Limited, DBS Bank (Hong Kong) Limited, Hang Seng Bank Limited, HSBC and Standard Chartered Bank (Hong Kong) Limited, and later joined by five additional banks, resulting in a consortium of 12 member banks. It is currently operated by the Hong Kong Trade Finance Platform Company Limited, a group company of Hong Kong Interbank Clearing Limited.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with over 276,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
Iris Tse
CargoSmart Limited
+852-2233-8174
[email protected]
CargoSmart Limited
+1-408-921-7084
[email protected]
Fintech
Banking in the United Arab Emirates stands at an inflection point between the traditional branch-based model and a digital AI-enabled future – new Capco survey
![banking-in-the-united-arab-emirates-stands-at-an-inflection-point-between-the-traditional-branch-based-model-and-a-digital-ai-enabled-future-–-new-capco-survey](https://thefintechbuzz.com/wp-content/uploads/2024/09/54515-banking-in-the-united-arab-emirates-stands-at-an-inflection-point-between-the-traditional-branch-based-model-and-a-digital-ai-enabled-future-new-capco-survey.jpg)
A desire for more insights into personal finances, a willingness to share data to unlock individually tailored services, and a high level of comfort with AI-driven guidance are key themes to emerge from the new survey of UAE retail banking customers conducted by Capco, the global management and technology consultancy.
As the UAE pushes forward with ambitious plans to grow its digital economy, Capco’s Bank of the Future survey of over 1,200 UAE banking service users aged between 18 and 65 found that 89% have become more confident in using mobile and digital banking services over the last two years. Eight in ten (83%) now use mobile apps to access banking, offering a solid foundation for future banking innovation.
In addition, 87% of respondents say they would be attracted to an app that offered personalized insights into their finances, including 41% who say this would be ‘extremely attractive’. The survey also reveals that 72% would ‘definitely’ or ‘probably’ share additional personal data – such as social media profiles or wearables data – to unlock personalized products, services or offers.
In support of its main survey, Capco conducted more focused polling of 500 consumers that looked specifically at the adoption of digital-first banking services. This found that nine in ten UAE respondents (89%) now have digital-first accounts, including both international and UAE-based firms. Three-quarters (76%) have an account with a UAE-based digital-first provider.
Capco’s survey findings highlight opportunities for UAE banks and fintechs to capitalize on positive attitudes to data sharing and innovation to deliver the products and services that consumers say they want. It also offers recommended paths forward for banks as they explore how best to apply the latest approaches to data analytics and AI to address customers’ aspirations.
James Arnett, Managing Partner, APAC & Middle East at Capco, said: “Consumers in the UAE are looking for products and services that provide a more bespoke user experience, including personalized financial insights. Seizing this opportunity will require an ever more nuanced understanding of individual consumer’s aspirations, and banks and other providers will need to prepare by investing in improved data management and advanced analytics.”
Naim Alame, Managing Partner, Middle East at Capco, said: “Consumers want convenient, integrated financial services and seamless digital journeys enabled by improved connectivity, data analytics and AI. Delivering the products and experiences that consumers want will require more agile banking models and significantly greater collaboration with third parties in order to embed value-added financial services ever more deeply into customers’ lives.
“For the bank of the future, collaboration may prove to be as important a priority as disruption. Offering a mobile-first experience that embeds payment aggregations, finance options and other ecosystem services to provide a more seamless and holistic experience will be the key to keeping customers engaged.”
Other key findings in Capco’s UAE survey report include:
86% of respondents would be attracted by a banking app that integrates financial services with the non-financial services they use in their daily lives, such as ride hailing and e-commerce.
- 37% would find such an app ‘extremely attractive’.
The characteristics that would convince a respondent to use a specific bank or financial institution include ‘a wide range of services’ (51%) and ‘more accessible services’ (45%).*
- ‘Trust in the company’ (39%) and ‘highly personalized products’ (34%) are also seen as important.
Four in ten of respondents (41%) cite cashback options as a value-added feature they consider when selecting a new card or account.*
- Other important features respondents would consider include discounts on travel (33%), monthly offers such as retail discounts (32%) and the ability to use points to make purchases (32%).
As digitalization accelerates, 72% of those using payment services identify online payments as a preferred payment method and 69% mention digital wallets.*
- Cash remains a preferred payment method for 51% of respondents, and cheques continue to be preferred by 28%.
- In Capco’s recent Kingdom of Saudi Arabia (KSA) banking survey, online payments (65%) and cards (65%) were the leading preferred methods of payment, while 57% of respondents cited digital wallets, 55% mentioned cash, but only 11% chose cheques.
The UAE played host to the COP28 global climate conference in late 2023, and almost nine in ten respondents (88%) say it is important that their primary bank has a proactive stance on ESG issues.
- In our KSA banking survey, 80% of respondents stated that this is important.
*Multiple responses permitted
Capco’s UAE survey report can be accessed here.
The post Banking in the United Arab Emirates stands at an inflection point between the traditional branch-based model and a digital AI-enabled future – new Capco survey appeared first on HIPTHER Alerts.
Fintech
RegVerse Boosts Compliance Support for RIAs with Avery Platform Update
![regverse-boosts-compliance-support-for-rias-with-avery-platform-update](https://thefintechbuzz.com/wp-content/uploads/2024/08/54457-regverse-boosts-compliance-support-for-rias-with-avery-platform-update.jpg)
RegVerse, a leading provider of compliance solutions, has announced a significant update to its Avery platform, designed to enhance compliance support for Registered Investment Advisors (RIAs). The latest update brings new features and functionalities that address the evolving regulatory landscape, helping RIAs stay compliant with the latest rules and regulations.
What’s New in the Avery Platform Update?
The Avery platform update introduces several enhancements aimed at making compliance easier and more efficient for RIAs. These updates are designed to help firms navigate complex regulatory requirements, reduce compliance costs, and improve overall operational efficiency.
Key Features of the Avery Platform Update:
- Enhanced Regulatory Reporting: The updated platform includes new reporting capabilities that allow RIAs to generate detailed compliance reports quickly and accurately. This feature is particularly useful for meeting the reporting requirements of regulators such as the SEC.
- Automated Compliance Checks: Avery now offers automated compliance checks that monitor for potential violations in real-time. This proactive approach helps RIAs identify and address compliance issues before they become significant problems.
- Improved Document Management: The platform’s document management system has been upgraded to support secure storage, retrieval, and sharing of compliance-related documents. This helps RIAs maintain organized records and ensures that they can provide necessary documentation during audits.
- Customizable Dashboards: The update includes customizable dashboards that provide RIAs with a comprehensive view of their compliance status. Users can track key metrics, set alerts for potential issues, and gain insights into their overall compliance performance.
Benefits of the Avery Platform for RIAs
The Avery platform update is designed to address some of the most pressing challenges faced by RIAs in today’s regulatory environment. By providing advanced compliance tools and streamlined processes, Avery helps RIAs achieve the following benefits:
- Reduced Compliance Burden: Automated compliance checks and streamlined reporting reduce the manual workload for compliance teams, allowing them to focus on more strategic tasks.
- Enhanced Risk Management: Real-time monitoring and proactive alerts help RIAs identify and mitigate risks early, reducing the likelihood of regulatory violations and associated penalties.
- Improved Client Trust: By maintaining high compliance standards, RIAs can build trust with their clients, demonstrating a commitment to operating with integrity and transparency.
The Future of Compliance for RIAs
As the regulatory landscape continues to evolve, RIAs must stay vigilant and proactive in managing their compliance obligations. The latest update to the Avery platform reflects RegVerse’s commitment to supporting RIAs with innovative solutions that simplify compliance and reduce risk.
Looking ahead, RegVerse plans to continue enhancing the Avery platform with new features and integrations that address emerging regulatory challenges. By staying at the forefront of compliance technology, RegVerse aims to help RIAs navigate the complexities of the regulatory environment with confidence and ease.
For RIAs seeking a comprehensive compliance solution, the updated Avery platform offers a powerful toolset that can help them achieve their regulatory goals and maintain a strong compliance posture in an increasingly complex market.
Source: Investment News
The post RegVerse Boosts Compliance Support for RIAs with Avery Platform Update appeared first on HIPTHER Alerts.
Fintech
Jumio Now Available on AWS Marketplace: Simplifying Digital Identity Verification for Enterprises
![jumio-now-available-on-aws-marketplace:-simplifying-digital-identity-verification-for-enterprises](https://thefintechbuzz.com/wp-content/uploads/2024/08/54459-jumio-now-available-on-aws-marketplace-simplifying-digital-identity-verification-for-enterprises.jpg)
Jumio, a global leader in digital identity verification, has announced that its solutions are now available on AWS Marketplace. This move aims to simplify the process for enterprises looking to integrate advanced identity verification services into their operations, enhancing security and compliance in the digital age.
Why Jumio’s Presence on AWS Marketplace Matters
AWS Marketplace is a digital catalog that makes it easy for businesses to find, purchase, and deploy software solutions in the cloud. By making its solutions available on AWS Marketplace, Jumio is streamlining the procurement process for enterprises, allowing them to quickly access its industry-leading identity verification services.
Key Benefits of Jumio on AWS Marketplace:
- Easy Integration: Jumio’s presence on AWS Marketplace simplifies the integration of its identity verification services with other AWS-powered applications. Enterprises can quickly deploy Jumio’s solutions without the need for complex configurations or lengthy setup processes.
- Scalable Identity Verification: As businesses grow, their identity verification needs become more complex. Jumio’s solutions are designed to scale with businesses, providing robust verification capabilities that can handle high volumes of transactions with ease.
- Enhanced Security and Compliance: Jumio’s identity verification services help businesses comply with regulatory requirements, such as KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. By using AI and biometrics, Jumio ensures that identity verification is both secure and reliable.
- Cost Efficiency: Purchasing through AWS Marketplace allows businesses to take advantage of flexible pricing models, including pay-as-you-go and annual subscriptions. This cost-effective approach helps businesses manage their budgets more effectively while accessing cutting-edge technology.
The Role of Identity Verification in Digital Transformation
As more businesses undergo digital transformation, the need for reliable identity verification solutions has never been greater. Identity verification is crucial for preventing fraud, ensuring compliance, and building trust with customers. Jumio’s solutions, available through AWS Marketplace, provide businesses with the tools they need to navigate the challenges of the digital economy.
Applications of Jumio’s Identity Verification Solutions:
- Financial Services: Banks and fintech companies can use Jumio’s solutions to onboard customers securely, reduce fraud, and meet regulatory requirements.
- eCommerce: Online retailers can enhance their customer experience by using Jumio’s verification services to streamline account creation and payment processes, ensuring that transactions are legitimate.
- Healthcare: Jumio’s identity verification solutions help healthcare providers protect patient data and comply with regulations like HIPAA, ensuring that only authorized individuals have access to sensitive information.
Looking Ahead: The Future of Digital Identity Verification
The availability of Jumio on AWS Marketplace is a significant step forward in the evolution of digital identity verification. As cyber threats continue to evolve, businesses must prioritize security and compliance, making solutions like Jumio’s an essential part of their digital strategy.
Looking ahead, Jumio plans to continue expanding its offerings on AWS Marketplace, providing businesses with even more tools to protect their operations and build trust with their customers. As the demand for secure, scalable, and compliant identity verification grows, Jumio’s presence on AWS Marketplace positions it as a leader in the digital identity space.
Source: Fintech News Singapore
The post Jumio Now Available on AWS Marketplace: Simplifying Digital Identity Verification for Enterprises appeared first on HIPTHER Alerts.
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