OneConnect Financial Technology awarded Best Blockchain or Distributed Ledger Technology or Platform for 2019
- OneConnect developed FiMAX to deliver blockchain technology with over 40,000 blockchain nodes deployed so far
- FiMAX is being used for trade finance blockchain network in Hong Kong, connecting 13 financial institutions
- The trade finance network reduces risks of fraud, and provides greater efficiency in trade financing
Bangkok,May 30th, 2019- OneConnect Financial Technology was awarded the Best Blockchain or Distributed Ledger Technology or Platform for 2019 at The Asian Banker Financial Technology and Platform Awards 2019. The awards ceremony was held in conjunction with The Asian Banker Future of Finance Summit 2019, the foremost annual meeting for decision-makers in the financial services industry in the Asia Pacific region, held at the Shangri-La, Bangkok, Thailand.
Standing from left: Richard Hartung, International Resource Director, The Asian Banker; Vincent Siow, Head of Business Development and Product, One Connect; Wayne Chai, Director, Strategy - Supply Chain Financing, One Connect; Neeti Aggarwal, Senior Manager, Research, The Asian Banker; David Gyori, International Resource Director, The Asian Banker
OneConnect developed FiMAX to deliver blockchain technology with over 40,000 blockchain nodes deployed so far
OneConnect developed FiMAX BNaaS platform and the FiMAX S3C underlying architecture providing standardised and fast-access blockchain applications for financial institutions and small and medium enterprises (SMEs). The company developed a proprietary blockchain technology delivering 3D zero-knowledge proof technology. This provides unique fully encrypted architecture solving the contradiction between data sharing and data privacy as all data is encrypted by the owner who has full data ownership. In the 3D zero-knowledge environment the company’s blockchain platform has gained strong acceptance across several institutions and over 40,000 blockchain nodes have been deployed.
The company’s platform is being used for trade finance blockchain network in Hong Kong, connecting 13 financial institution
In October 2018, Hong Kong Monetary Authority launched Hong Kong's first blockchain-based international trade finance platform, eTradeConnect, which is initiated by seven founding banks in Hong Kong. OneConnect has been appointed as the technological provider to the eTradeConnect Platform to support its development and production deployment. In the first phase of the project, 13 international banks and financial institutions have participated in the project.
The trade finance platform reduces risks of fraud, and provides greater efficiency in trade financing
The international trade finance network enabled banks and their corporate customers to submit documents and applications through distributed ledgers, reducing the risk of fraudulent transactions and identity theft. The platform facilitated notable efficiency improvements as it moved away from paper-intensive financing process to digitised process. The participants in the network can verify encrypted data in the transaction without revealing sensitive information, reducing fraud risk as they trigger repeated financing warnings for the same invoice or purchase order. The network is running with live transactions at the moment.
The Asian Banker Financial Technology Innovation Awards Programme, refereed by prominent global bankers, IT consultants and academics, provides an undisputed benchmark of technology implementation in an increasingly fierce marketplace. A stringent three-month-long evaluation process determines the awardees from across Asia Pacific, Middle East, and Africa. The awardees are honoured in a gala event that recognises their efforts in using the best technology to run their institutions and bring superior products and services to their customers.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website iswww.theasianbanker.com
You may visit The Asian Banker Business Achievement Awardsgallery at https://www.facebook.com/TheAsianBanker/photos/a.10157254926774804/10157254959749804/?type=3&theater
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker