PAObank uses PCS to replace traditional freight documentation

PAObank is the first digital bank to participate in the commercial data interchange initiative.

PAO Bank Limited (PAObank) has adopted data from Hong Kong’s “Port Community System” (PCS) to explore the replacement of traditional freight documentation with PCS data.

The pilot case involves real-time import/export customs declaration and cargo data. It aims to help banks to better understand the trade and capital flows of small and medium enterprises (SMEs), thereby reducing credit costs and enhancing the efficiency of trade finance, according to a press release from the digital bank.

The PCS promises interoperability of logistics data across sea, land and air transport, establishing a comprehensive and reliable logistics footprint for cargo transiting through Hong Kong.

PAObank is the first digital bank to participate in the commercial data interchange initiative.

PAObank said that it will continue to act as a trade partner to SMEs, offering banking services including foreign currency deposits, cross-border remittance, and foreign currency exchange to help SMEs unlock their business potential.

In addition, PAObank shared that it is developing financial technologies to provide more diversified services for SMEs and individual customers.