HKMA, Hong Kong’s de facto central bank Hong Kong Monetary Authority is launching a blockchain-based trade finance platform that will connect 21 banks including HSBC and Standard Chartered in August, Financial Times (FT) reported.
Ping An Group deputy chief executive Jessica Tan said,
”Instead of individual banks trying to do this you have the regulator trying to bring the banks together”
Blockchain will reduce the time and paperwork required for the financial transactions. HKMA will use Ping-An’s One Connect technology group to design the platform. China is already using this platform and it is showing some promising results. This blockchain based platform will be useful to detect frauds.Organisations always request more money from banks to fund the trade. By using blockchain all parties will be able to view the level of financing requested.
Under this, all the connected 21 banks will co-own the platform with the HKMA. Hong Kong is a global shipping hub and the total finance is estimated to be worth at least USD 9 trillion on an annual basis.
According to website, the Hong Kong Monetary Authority (HKMA) was established on 1 April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. Its main functions and responsibilities are governed by the Exchange Fund Ordinance and the Banking Ordinance and it reports to the Financial Secretary. The HKMA is the government authority in Hong Kong responsible for maintaining monetary and banking stability. Its main functions are: maintaining currency stability within the framework of the Linked Exchange Rate system. Promoting the stability and integrity of the financial system, including the banking system. Helping to maintain Hong Kong’s status as an international financial centre, including the maintenance and development of Hong Kong’s financial infrastructure managing the Exchange Fund.
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