12 Global Banks, Hong Kong C-Bank Set Up Blockchain Trade Finance Platform
Cryptovest
Published Nov 02, 2018 01:55PM ET
Updated Nov 02, 2018 03:00PM ET
12 Global Banks, Hong Kong C-Bank Set Up Blockchain Trade Finance Platform
Hong Kong’s central bank, the Hong Kong Monetary Authority (HKMA), along with a dozen of multinational banks including HSBC and BNP Paribas (PA:BNPP), have announced the official launch of their joint blockchain trade finance platform, called eTradeConnect. The project, which went live on Wednesday, targets the lucrative international trading settlement market with a focus on Asia, where Hong Kong is one of the leading financial centers.
eTradeConnect uses blockchain because of the ability to generate automated smart contracts, which can speed up the transaction process and save costs. The global trade finance transaction market, worth $9 trillion last year, has one significant problem - it heavily depends on a paper-based process, which makes transactions slow and cost market operators a lot of time and money.
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