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7 Banks to Form Trade Finance Blockchain Platform in Hong Kong

Seven banks including Hong Kong’s banking regulator are to launch a trade finance platform this September using blockchain.

The platform is reported to be one of the largest government-led cross-bank cooperation globally. It will include UK banking giant HSBC and Standard Chartered PLC. HSBC is the seventh largest bank globally by assets and the largest in Europe; Standard Chartered is a London-based bank with businesses across Asia.

Other banks involved are said to be one of Australia’s big four, ANZ, and four Asian banks, BOC Hong Kong Holdings, Hang Seng Bank, Bank of East Asia Ltd and Singapore’s DBS Holdings Ltd.

The financial sector has been increasingly under the microscope both by private companies and government bodies, who are beginning to regard blockchain technology as a way of modernizing record keeping and speeding up payments, in what is often described as an overly paper-driven industry, particularly given the technologies available in 2018.

The cross-bank project has been proposed to alleviate exactly some of these institutional operating issues, as Howard Lee deputy chief executive of the Hong Kong Monetary Authority (HKMA) explained. The main focus will be the digitalization of documentation and automating processes. Lee added that the group will want to “link up with other trade platforms in other jurisdictions to further facilitate cross-border trades”.

It appears that banks, at one time shunning blockchain due to in part to its connection with Bitcoin and Ethereum, are coming around to seeing the advantages of integrating the technology into upgrading financial systems.

The multi-bank platform will not be the first official blockchain encounter for HSBC. Along with Dutch giant ING, the two banks are reported to have made the world’s first trade finance transaction using blockchain earlier in May.

In China, The Shanghai Stock Exchange (SSE) published a research paper on Tuesday, which analyzed the use of DLT in various stages of a security transaction. The SSE is one of the two stock exchanges operating independently in the People’s Republic of China and is the world’s third-largest stock market by market capitalization.

 

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38% of South Africans Polled Regret Missing Early Bitcoin Uptake

A recent poll in South Africa on awareness and attitudes towards cryptocurrency has shown that 38% of respondents wished that they had invested in digital currency before, writes Cointelegraph.

The poll was conducted by Pan-African financial services company Old Mutual Limited. The annual Savings and Investment Monitor survey for South Africa revealed that in general, South Africans were currently largely positive about cryptocurrencies.

Along with 38% of people responding positively to the statement “I wish I had invested in [crypto] before”, another statement, “You can make a lot of money with them”, received a huge 71% agreement from the public.

The statement “They are bad news, like a pyramid scheme” seemed to resonate with 43% of respondents, while 53% had no idea how digital currencies actually worked.

Overall, and clearly important for the development of cryptocurrency in the region, according to the poll, more South Africans were unaware of the industry than those who were, with a 60/40 split.

As Bitcoin News reported recently, South Africa is developing its cryptocurrency space. The South African Reserve Bank has recently taken steps to introduce a new non-state self-regulatory body (SRO) aimed at overseeing further developments in the industry. Further to that, the SARB has announced that it wants to build a proof-of-concept wholesale payment system for interbank settlement using a South African rand token on DLT.

Europeans, according to recent statistics, are reported to be far more familiar with cryptocurrencies and take up in some countries such as Switzerland and the UK is significant. A recent ING survey suggested that 66% of Europeans were familiar with crypto and 33%, when prompted, saw it as the future of online spending. The awareness rate was found to be lower in the US with only 57% of respondents having heard of cryptocurrencies.

 

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HSBC and ING Announce Successful Utilization of R3’s Blockchain Platform

HSBC and ING bank have recently reported that they have utilized blockchain technology using R3’s Corda blockchain platform.

The banking conglomerates used the tech to achieve a transaction that oversaw soybeans, shipped from Argentina to Malaysia via Singapore. Additionally, a letter of credit between the two banks was issued directly from the R3 Corda platform.

HSBC and ING commented that the transaction was a success, demonstrating that blockchain technology had been used in a commercial and operational setting.

The trade finance industry is worth around USD 9 trillion. Using any number of conventional monetary means of managing these transactions can take days, with multiple parties included. With blockchain technology on a single platform, the transaction took less than 24 hours to be completed.

Credit letters are one of the most commonly used methods for reducing the risk involved between importers and exporters. These letters help guarantee more than USD 2 trillion worth of transactions annually, and it is a lengthy and time-consuming paper trail that can take between five and ten days to complete.

Vivek Ramachandran, HSBC’s head of growth and innovation stated, “Trade finance transactions have been made simpler, faster, more transparent and more secure. The need for paper reconciliation is removed because all parties are linked to the platform and updates are instantaneous. The quick turnaround could mean unlocking liquidity for businesses.”

The transaction was received well by third parties involved. “Blockchain is a key technology we are exploring and using with our customers and, now, using for ourselves with the completion of this transfer on Corda,” explained Rani Misra, regional treasurer, APAC, Cargill.

Events have led R3, the company behind Corda along with 12 other supportive banks, to further the reach behind this technology, in a hope to expand the network as a utility for the trade finance sector and to waive all paper-based documentation.

 

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