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Hong Kong and mainland China partner on blockchain project for trade finance

Friday 8 November 2019 11:38 CET | News

Hong Kong and mainland China have partnered on a blockchain project to improve their trade finance operations.

The Hong Kong Monetary Authority (HKMA), the city's de facto central bank, said that an agreement has been signed between the subsidiaries of Hong Kong Interbank Clearing and digital currency institute of mainland China's central bank, to conduct a proof-of-concept trial.

The trial, which is expected to begin in Q1 2020, aims to connect HKMA’s blockchain-based trade finance platform eTradeConnect and mainland China central bank’s Trade Finance Platform.

eTradeConnect was launched in Oct. 2018 to improve trade efficiency, and currently has 12 banks on board, including HSBC and Standard Chartered, as its members. 

 


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Keywords: Hong Kong, mainland China, blockchain, trade finance, The Hong Kong Monetary Authority, eTradeConnect
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Hong Kong
This article is part of category

Banking & Fintech