Hang Seng digital trade finance business materialising
(17 July 2019 - Hong Kong) Hang Seng has revealed a trade finance solution able to recognise the type of documents being scanned and extract data from images.
With global trade banks estimated to save in excess of US$2.5 billion by adopting integrated digital solutions, Hang Seng Bank is deploying technologies that aim to quickly address pain points commonly associated with the paper heavy process.
In Hong Kong regulators are stepping up activity following the launch of the blockchain based trade finance platform 'eTradeConnect' in October 2018. The platform outwardly seeks to improve trade efficiency, reduce risks and facilitate trade counterparties to obtain financing by digitising trade documents, automate trade finance processes and leverage the features of blockchain technology.
"Whilst trade is traditionally a paper intensive business, we go for a paper-less direction to gain efficiency. For example, we have developed online document box and other electronic channels for customers to upload documents by themselves. We have also introduced auto-data input technology – the optical character recognition (OCR) solution to speed up the data input and document classification time. What’s more, we are looking for more cross-border collaboration and connection with other banks in domestic and cross-border locations" states Hang Seng Head of Global Trade and Receivables Finance Jenny Yuen
"Amidst the challenging operating environment, we see new potential such as IT, cloud services, service trade. To provide tailor-made professional services, we have built integrated teams of relationship management and client services that provide specific solutions and advices for commercial customers from different industries" she added.