Tag: HSBC

HSCB Claims “World’s First” Trade Finance Transaction Via Blockchain

HSCB Claims “World’s First” Trade Finance Transaction Via Blockchain

Lat Monday, HSBC says that it has conducted the world’s first trade finance transaction using blockchain technology when it issued a credit letter for U.S. food and agriculture company Cargill. The letter of credit, which is a guarantee from one bank to another, was Issued by HSBC to Dutch firm ING for a bulk shipment of soybeans from Argentina to Malaysia. HSBC and ING revealed that the transaction, which normally would take 5 to 10 days, was done within 24 hours. The transaction was performed on a platform developed by blockchain start-up R3 called Corda which is already being used […]

Fintech R3 and World’s Top Banks Develop Blockchain-based Payments System

Fintech R3 and World’s Top Banks Develop Blockchain-based Payments System

Fintech firm R3 announced last Tuesday that they have developed a blockchain-based international payments system with 22 of the world’s biggest banks. Head of Natixis’ Digital for Corporate & Investment Banking Frederic Dalibard says that even though there are other blockchain-based systems for cross-border payments being developed, his organization believes in the promise of the R3 project because the system’s architecture can also be adapted to the coming central bank-issued digital currencies. Big names in the banking industry such as Barclay’s, HSBC, and Commerzbank, are also participants in the project. Source: Reuters

Singapore Banks Complete Testing of Blockchain Tech on KYC Platform

Singapore Banks Complete Testing of Blockchain Tech on KYC Platform

Several Singapore banks recently announced the completion of a test that involves using blockchain technology on a shared ‘Know Your Customer’ (KYC) platform. The KYC process dictate that a customer has to provide the bank a number of personal details in order to register for services such as an account, credit card, or insurance policy. According to the consortium, the existing KYC process is laborious, inefficient, and time consuming both for the bank and the customer since it is paper-based and has to be carried out by each bank. The OCBC Bank, HSBC, and Mitsubishi UFJ Financial Group (MUFG), together […]