The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
Global Shipping Business Network (GSBN), a technology consortium building blockchain- enabled operating systems geared toward global trade, announced two new proof-of- concepts for trade finance products on 4 May 2022.
Following a six-month collaborative effort with its partner institutions, GSBN’s Trade Finance Advisory Group said it has achieved proof-of-concepts for Open Account and Letter of Credit trade finance products that utilize trusted data directly from the shipping industry.
For Open Account, according to GSBN, “applicants can authorise their bank to directly inquire Bill of Lading data via GSBN’s blockchain-enabled platform for their proof of shipment.” Likewise for its Letter of Credit product, “applicants can authorise their bank to use an electronic Bill of Lading (eBL) application built on GSBN’s platform to acquire relevant eBL information and instruct a title transfer.”
Incorporated in Hong Kong, GSBN is led by Bank of China (Hong Kong) Limited, DBS Bank, and The Hongkong and Shanghai Banking Corporation Limited (HSBC).
