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Deloitte, HKMA to develop blockchain PoC for trade finance in Honk Kong

Wednesday 5 April 2017 | 10:00 AM CET

Deloitte, the Hong Kong Monetary Authority (HKMA), and large trade finance banks in Hong Kong have teamed up to developed a distributed ledger technology (DLT) proof of concept for trade finance.

Participant financial institutions include Bank of China (Hong Kong), The Bank of East Asia, Hang Seng Bank, the Hongkong and Shanghai Banking Corporation (HSBC), and Standard Chartered Bank (Hong Kong).

By leveraging DLT, the project built a platform for banks, buyers and sellers, and logistics companies, aiming to demonstrate the application of DLT in digitizing paper-intensive processes through smart contracts. Thus, the risk of fraudulent trade and duplicate financing was reduced, and the transparency and new product innovation of the industry as a whole, improved.

Furthermore, this project has also explored the implications of DLT from the dimension of operations, legal, regulatory, governance and data security.

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