Tuesday, July 17, 2018

Hong Kong preparing to integrate several banks onto a blockchain trade platform

While cryptocurrencies remain the primary spotlight right now for blockchain technology, the integration of global financial systems onto this platform is beginning to accelerate.  And in an announcement made by the Hong Kong Monetary Authority in July 17, seven primary lenders will soon be connected through a trade platform run on the Blockchain.

The Hong Kong Monetary Authority and seven local lenders will launch a trade finance platform using blockchain technology in September, reflecting efforts by the city to bolster fintech development and close the gap with regional rival Singapore. 
“This trade finance platform is the first large-scale multi-bank blockchain project in Hong Kong arising from the fruitful results of one of the HKMA’s proof-of-concept works on trade finance in 2017,” said Howard Lee, deputy chief executive of the HKMA. 
Lenders taking part in the project include HSBC and Standard Chartered Bank, Bank of East Asia, Australia and New Zealand Banking Group Limited, Hang Seng Bank, and DBS Bank, according to a statement. – South China Morning Post
Blockchain technology allows users access to all documents and processes in a single location, and in real time.  And although the ledger itself is decentralized on servers around the globe, it appears set to become the future standard for financial and monetary transactions, as well as in global trade done through the use of Smart Contracts.

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