01 Nov 2018
A new blockchain-based trade finance platform, developed by HSBC (HSBA.L), Standard Chartered (STAN.L) and 10 other banks, was launched in Hong Kong on Wednesday to boost efficiency in the multi-trillion-dollar funding of international trade.
HSBC said on Wednesday the platform, eTrade Connect, had allowed the Asia-focused British lender to reduce the time it takes to approve trade loan applications to four hours, compared with the usual one-and-a-half days.
Other major banks who participated in the development of the platform – facilitated by Hong Kong’s de facto central bank, the Hong Kong Monetary Authority (HKMA) – included Agricultural Bank of China (1288.HK) and BNP Paribas (BNPP.PA).
– By Alun John, Reuters, 31 Oct 2018.
Link to Reuters.
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