The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Treasury

Blockchain takes back seat in drive to digitize Asian trade finance

Singapore-based trade finance portal CamelOne has put blockchain on the backburner to get to market more quickly.

highway-780



CamelOne is a multi-bank portal designed to support trade finance applications from companies for all participating banks.

But unlike other trade finance platforms such as we.trade and Komgo, CamelOne is not built on blockchain – perhaps surprising, given Euromoney reported earlier this year that more than 30 groups of banks and other financial institutions are working on systems for incorporating distributed ledger technology into trade finance.

John Khaw, project director at vCargo Cloud, the company that developed the technology behind the portal, explains that concern over connectivity between the nine participating banks – ANZ, BNP Paribas, DBS Bank, HSBC, ICBC, MUFG Bank, OCBC, Standard Chartered Bank and UOB – was behind the decision to proceed without distributed ledger technology.

“We still believe there is value to be unlocked by adopting blockchain,” he says. “We are currently working with some strategic partners on trade-related projects that are using blockchain technology and we will consider integrating blockchain into future versions of the portal.”

However, Khaw says that although there are solutions that facilitate interconnectivity across different platforms, these solutions are still relatively new and that when working in conjunction with so many partner banks, reliable interconnectivity is crucial.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree