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Cryptocurrencies

Hong Kong, Singapore to connect trade finance platforms using blockchain

Friday 27 October 2017 | 10:22 AM CET

Hong Kong and Singapore have joined forces to work on a cross-border trade project based on blockchain technology by linking their trade finance platforms.

In 2016, the Hong Kong Monetary Authority (HKMA) together with banks including HSBC and Standard Chartered worked on building a trade finance platform by using blockchain technology to digitize and share trade documents, automate processes and reduce the risk of fraud.

Similarly, Monetary Authority of Singapore (MAS) planned to build a trade finance platform using blockchain as well. The cooperation between Hong Kong and Singapore on this project could enhance the trade finance corridor between the two financial centres and could significantly increase the efficiency of trade finance in the future. Details about the cooperation will be announced by the two authorities next month.

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