HSBC engaging with BNM to push blockchain trade finance platform

Friday 11 January 2019 10:56 CET | News

HSBC Malaysia has announced working with Bank Negara Malaysia to boost its blockchain-based trade finance platform.

HSBC urges more banks to embrace the Trade Transaction Tracker platform, to reap economies of scale, as for the blockchain tech to be efficient, HSBCnet also needs to be a common platform where everyone could participate.

HSBCnet Trade Transaction Tracker is pre-logon service in the HSBCnet mobile app that allows customers to track the real-time status of trade transactions quicker and easier. HSBC Malaysia representatives have also announced that the application had gone live in 24 countries and received favourable feedback.

In May 2018, HSBC and ING Bank executed a live trade finance transaction for international food and agriculture conglomerate Cargill using the Corda scalable blockchain platform. The transaction involved a bulk of shipment of soybeans from Argentina to Malaysia, involving Cargill’s Geneva trading arm and a Singapore subsidiary.

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Keywords: HSBC, Bank Negara Malaysia, Malaysia, Asia, APAC, trade finance platform, blockchain-based trade finance, HSBCnet Trade Transaction Tracker
Countries: World