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Hong Kong Monetary Authority widens DLT use in Abu Dhabi trade finance

Thursday 28 June 2018 09:56 CET | News

Hong Kong Monetary Authority has announced it will work with regulators in Abu Dhabi on a cross-border trade finance system built on DLT technology.

Hong Kong Monetary Authority has signed a fintech cooperation agreement with the Financial Services Regulatory Authority of the Abu Dhabi Global Market, which supervises the financial market of the United Arab Emirates capital.

The Hong Kong Monetary Authority has stated that, under the cooperation agreement, it will collaborate with the Financial Services Regulatory Authority to develop innovative financial technology projects, with a specific interest focusing on distributed ledger technology utilisation in international trade finance.

As previously reported by CoinDesk, the Hong Kong Monetary Authority and the Monetary Authority of Singapore have started testing the Hong Kong Trade Finance Platform, a Hong Kong Monetary Authority-led trade finance proof-of-concept based on distributed ledger technology since 2017.


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Keywords: Hong Kong Monetary Authority, distributed ledger technology, trade finance, DLT, Hong Kong, United Arab Emirates, Abu DHabi,
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Countries: World