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Homepage / News November 17, 2017 285 views

Over 20 Banks Join Singapore-Hong Kong Blockchain Trade Network

More than 20 Banks Join Singapore-Hong Kong Blockchain Trade Network

Members of the central banks of Singapore and Hong Kong have revealed that a number of banks have now joined their not too long ago announced blockchain-primarily based trade network.

Expected to launch&nbspby early 2019, the new network will now involve participation from more than 20 worldwide banks and financial institutions, a Enterprise Instances report says. The announcement of the new members of the project was made for the duration of the Singapore Fintech Festival on Thursday.

The network –&nbspcalled the Hong Kong Trade Finance Platform (HKTFP) – is a collaboration in between the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS), aimed to digitize trade finance&nbspusing distributed ledger technologies (DLT).

According to the officials from the two monetary authorities, the DLT pilot – which is described as a “international trade connectivity network” (GTCN) – is anticipated to set “new international standards” for the business and aims to trace worldwide trade flows in between Singapore and Hong Kong.

Li Shu-Pui, executive director of the HKMA stated that there have been concerns from bankers regarding&nbspdata and transaction privacy. As a result, regulators need to contemplate regulations about DLT, he mentioned, given that it is a new kind of innovation in the “mission-critical” trade finance space.

Li indicated that he also expects European economic institutions to get involved in the project as it progresses.

Singapore image by means of Shutterstock

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Published at Fri, 17 Nov 2017 ten:20:06 +0000