Hong Kong, Singapore to Collaborate on Blockchain Trade Finance Platform

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Hong Kong’s central bank has publicized a partnership with Singapore intended to digitize trade finance using blockchain technology.

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Norman Chan
Norman Chan

“It is crucial for Hong Kong to enhance collaboration with other fintech centers,” said Normand Chan Tak-Iam, CEO of the Hong Kong Monetary Authority.

“We firmly believe that the time has come for trade finance to move into the digital era.”

RELATED: A Singaporean government authority, along with three large Asian banks, OCBC Bank, HSBC Singapore and the Mitsubishi UFJ Financial Group (MUFG), revealed an innovative blockchain proof-of-concept intended at restructuring the know-your-customer (KYC) procedure.

The venture with the Monetary Authority of Singapore (MAS) will focus on a blockchain proof-of-concept termed the Hong Kong Trade Finance Platform (HKTFP).

The project is intended to digitize trade papers and decrease fraud in the industry.

The banks plan to create a cross-border substructure that would act as a link between HKTFP and a comparable platform in Singapore.

Chan declared the contracts were just a portion of the HKMA’s extensive smart banking initiative.

The program consists of a quicker payment system being deliberated in Hong Kong and developments encouraging banks to open their systems to technology companies.

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