Hong Kong State Regulator to Start Its Own Blockchain Platform
July 18, 2018
The Hong Kong Monetary Authority (HKMA) that is actually the Central Bank of specific administrative region of China, has declared launching its own blockchain platform in September this year to finance trading.
The first media references to this project appeared last year when one of the HKMA reports stated successful tests of some new trade platform which provided data transparency in exchange between financial organizations. Local banks like Bank of China, Bank of East Asia, Hang Seng Bank, HSBC and Standard Chartered Bank as well as Deloitte consulting firm were claimed to be involved in those tests.
According to Financial Times, to date along with the seven organizations another 15 banks are among the members of the platform with each one owning its share.
“The aims of the platform are to reduce frauds related to trade finance and double financing, and therefore lead to increased credit availability and lowered financing costs in the long run. This may in turn help small and medium-sized enterprises (SMEs) access to trade financing”, explained the HKMA.
In addition, earlier this month a number of European banks in collaboration with IBM claimed to create their own blockchain platform for trade financing We.Trade.