Bank of China (Hong Kong) (“BOCHK”) and Global Shipping Business Network (“GSBN”) have signed a memorandum of understanding (MOU) to promote digital transformation of supply chains for the shipping industry.
Ms. Teng Linhui, General Manager, Transaction Banking Department, BOCHK, said, “BOCHK is committed to strengthening its cooperation with the shipping industry, with an aim to accelerate process optimization, information transmission and service innovation between the finance and the shipping industry. All these will enhance operational efficiency of supply chains and promote the development of international trade. As GSBN’s founding members are international key players and participants in the shipping industry, the collaboration enables BOCHK to build a secure and trusted supply chain finance ecosystem with its partners in the shipping industry. Going forward, both parties will work together to explore different scenarios and models and bring about integration of trade finance and shipping logistics, the two important elements in supply chains, in order to promote trade facilitation and create value for customers.”
Mr. Bertrand Chen, Chief Executive Officer, Global Shipping Business Network, said, “GSBN has been established to enable and accelerate the digital transformation of the shipping industry. Its industry-wide, secure, trusted data exchange platform will facilitate the sharing of data to streamline operations, improve the user experience and create value for all stakeholders in the supply chain. We are here to simplify trade for all. The collaboration with BOCHK aims to extend this digital transformation beyond logistics service providers to financial institutions.”
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