Hong Kong Banks, Regulator Introduce Blockchain Trade Finance Platform
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Hong Kong’s Monetary Authority, along with seven banks, announced a blockchain-powered trade finance platform which the group plans to jointly launch in September.
MAS deputy chief executive Howard Lee says the project aims to digitize documents and automate processes to reduce risk and increase the financing capability of the banking industry.
The project, which include banks such as HSBC, Standard Chartered, and Hang Seng Bank also seeks to link up with similar platforms in other jurisdictions to further facilitate cross-border trades.
Source: Reuters