BizLIVE - HDBank has just joined the TradeAssets Trade Finance E-marketplace, becoming the first Vietnamese bank to connect and process trade finance transactions on the blockchain application platform.
HDBank Pioneers the Application of Digital Technology in Agency Banking Activities
HDBank is the first Vietnamese bank to join the TradeAsset Trade Finance E-marketplace.
The signing ceremony of cooperation agreement between Ho Chi Minh City Development joint stock commercial bank (HDBank) and TradeAssets noted the first Vietnamese bank to join a trade finance e-marketplace, operating on the blockchain technology platform where banks are connected 24/7 without any barriers around the globe.
The event took place online at the three locations, including Ho Chi Minh City, Singapore, and Dubai.
 
HDBank will use the tools provided to digitize communications in trade finance cooperation activities with financial institutions across the globe. 
Under the signed cooperation agreement, with its participation in the TradeAsset E-marketplace, HDBank will use the tools provided to digitize communications in trade finance cooperation activities with financial institutions across the globe.
HDBank also has the opportunity to access the system of member financial institutions and find more partners for itself. Thereby, HDBank can be more flexible in the provision of products and services, expansion and diversification of agency relationships, and the dispersion of risks in trade finance transactions.
On the TradeAssets side, the network noted that there was one more reputable bank member with strong financial capacity and capacity in increasing connectivity for all members - other financial institutions in the economy with great openness and under ongoing development of Vietnam.
Becoming a member of TradeAssets, HDBank is expected to bring good cooperation results for both parties.
In particular, it marked a new milestone of HDBank in the application of information technology in business and developing extensive relationships on all digital platforms with significant partners in the period of global economic connectivity.
This is part of the journey to bring HDBank closer to the goal of becoming a major regional bank, leading in retail, SME, and consumption.
In April 2020, HDBank is also the first bank in Vietnam to officially join the open trade finance network, with the aim of increasing the ability to trade finance on a digital platform with a typical product, LC Blockchain.
TradeAssets is the first Trade Finance E-marketplace of its kind for banks in the world, headquartered in the United Arab Emirates, operating, developing and gathering many prestigious experts in the banking and finance industry in 17 countries, including countries in South Asia, the Middle East, and Europe.
The E-marketplace is operated on blockchain technology with global coverage.

TRANG NGUYEN