OneConnect Financial Technology has recently unveiled the project, the ‘Guangdong-Hong Kong-Macao Greater Bay Area Port Logistics & Trade Facilitation Blockchain Platform’. The financial technology services company has launched this project for Shekou and Shunde ports. The company is a technical supporter of this project, which constructed the blockchain platform and core port logistic data standards.
This ‘linked port’ technology ecosystem is the 1st step taken to ultimately enhance the cross-border trade efficiency in the Greater Bay Area. With the increasing cross-border trade and container throughput, the integration of 37 ports in the region has become vital to remain highly competitive.
The new project is a part of the infrastructure plan initiated by the Shenzhen municipal government & other departments. The linked port technology can reduce import & export-related logistic processes from 5-7 days to 2 days. In addition, the transportation & customs declaration costs for various enterprises can be reduced by 30%.
Moreover, the integrated technology that connects trade participants in the Greater Bay Area is expected to improve communication, streamline several port clearance processes, and enhance overall port competitiveness in the region. The project will adopt advanced technologies such as AI, big data, blockchain, and cloud computing to create smart ports & enable smart trade, regulation, and finance processes.
With the help of these technologies, trade participants can efficiently connect with custom officials via a shared blockchain network in the Greater Bay Area. In addition, they can identify the authenticity of the trade transaction via the validation of the cross-border trade-related information on the blockchain. They also can benefit from the smart trade solutions to ensure convenient custom clearance, digital finance, and efficient logistics. Export tax rebate financing, financing for cross-border e-Commerce, and other digital financial services will enhance the integrated trade finance service and help build core competitiveness.
Additionally, the platform will issue real-time warnings to aid custom departments in managing sensitive data regarding cargo, containers, and ships.