Hong Kong seeks to use blockchain technology in trade finance

August 7, 2018

Hong Kong Monetary Authority (HKMA) has announced that they will collaborate with Abu Dhabi’s regulators to build a cross-border trade finance system using distributed ledger technology (DLT).

The HKMA and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market signed a cooperation agreement on June 26 to build up the cooperation between two countries and  encourage financial services in both markets.

The representative from HKMA shared that they will establish a close partnership with FSRA in order to embrace fintech innovation/solutions, especially to develop a cross-border trade finance network using DTL.

In late 2017, HKMA also confirmed their partnership with The Monetary Authority of Singapore (MAS) to joint launch a cross-border trade platform on blockchain technology.

As reported, over 20 global banks and financial organizations participated in the test in hope of accelerating the proof-of-concept to commercial production, which is believed to be ready by 2019.

According to a sharing on CoinDesk, the HKMA implied that the HKTFP might provide a basis infrastructure for Abu Dhabi:

“The Financial Services Regulatory Authority of the Abu Dhabi Global Market has indicated interest in the Hong Kong Trade Finance Platform and would like to explore any cross-border cooperative opportunity in this area. The HKMA will continue to have the dialogue with them, including any possible cross-border trade finance infrastructure development between the two markets.”

Related Article
Iran’s Power Grid Struck by Crypto Mining Surge
Token mining activity in Iran is causing an energy consumption spike that is forcing the government ...

July 16, 2019

Thai Dental Clinic Accepts Payments in Electroneum (ETN)
A dental clinic in Thailand recently accepted payment in Electroneum tokens, in a sign of wider adop...

July 16, 2019

Malaysia’s VisionBanker Aims to Transform Eye Care via Blockchain Technology
The company is using facial recognition and distributed ledger technology to allow users to store ey...

July 16, 2019

Hong Kong Insurer Launches Blockchain-Based Solution to Process Claims
Blue Cross has become the first insurer in Hong Kong to employ blockchain technology to streamline i...

July 15, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us