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Hong Kong financial Authority to Launch Multi-Bank Blockchain Trade Finance Platform

Hong Kong financial Authority to Launch Multi-Bank Blockchain Trade Finance Platform

Hong Kong’s factual financial organisation can launch its own blockchain trade finance resolution with twenty one banks in August, money Times (FT) reportable Sunday, July 15.

The venture between the port financial Authority and Chinese company Ping associate degree Group’s fintech subsidiary OneConnect aims to considerably cut back workprices security risks for participants, FT reports.

A major aim of the 21-party theme is to cut back the quantity of your time and paperwork concerned in language up new fledgling businesses to banking services by smoothing over transactions. 

Using blockchain, “some” transactions can method in precisely sooner or later against up to 14 days mistreatment current strategies, as linear unit reports.

Originally declared in Nov 2017, the move marks the primary example of a regulator “bringing banks together” to enhance trade finance, as Ping associate degree deputy chief government Jessica Tan represented it. As Cointelegraph reportable in might, a previous trade finance deal from HSBC was a smaller-scale affair, involving a private bank.

“Instead of individual banks attempting to try and do this you've got the regulator attempting to bring the banks along,” Tan told linear unit.

Ping associate degree has already developed blockchain-powered solutions for the Chinese domestic market, and hopes an equivalent technology can see success over the border, consistent with linear unitthe corporate, China’s second-biggest insurance company with assets price four.7 tln yuan ($704 bln), joined the distributed ledger technology-focussed R3 association in 2016.

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