Brazil-based Banco Inter has partnered with Chainlink to complete a blockchain-based pilot that enables central banks in Hong Kong and Brazil.
The trial allowed the banks to settle a cross-border trade transaction in real time, leveraging digital currencies and smart contracts. This was part of Phase 2 of the Central Bank of Brazil’s Drex digital currency initiative, aiming to design a digital version of Brazil’s real. It linked Brazil’s Drex network with Hong Kong’s Ensemble platform, regulated by the Hong Kong Monetary Authority (HKMA).
More about the pilot
Chainlink offered the connection between the two systems, allowing funds and assets to move across borders within a single automated workflow. Using Chainlink to connect BCB with the HKMA and trade finance platforms, the initiative builds a more connected financial landscape that reflects a better global trade.
The pilot consisted of delivery-versus-payment (DvP) and payment-versus-payment (PvP) model tests, allowing for the simultaneous transfer of goods and payments to reduce settlement risk. Additionally, the system supported conditional and instalment-based payments, like releasing funds when a specific part of the trade process is confirmed.
The organisations that supported the initiative include Standard Chartered, the Global Shipping Business Network (GSBN), and 7COMm. GSBN’s platform operated updates to the electronic bill of lading as part of the process. The partners now plan to expand testing to cover additional trade models and connect to more financial institutions.
The project is regarded as a potential foundation for a more inclusive trade finance ecosystem, as it removes manual processes and improves coordination across platforms, reducing costs for banks and exporters. This is especially helpful for smaller firms.
