Hong Kong’s de facto central bank will go live next month with a blockchain-backed trade finance platform set to link up with 21 banks, including HSBC and Standard Chartered.
The launch of the system, designed by China’s Ping An Group, will be one of the first and largest examples of a government-led project aimed at upgrading the $9tn global trade finance industry.
Blockchain is expected to slash the time and paperwork needed to push through routine trade finance and supply-chain finance transactions by making it easier to verify each step of the complicated process and confirm the credentials of the parties involved.
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