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HSBC Uses Blockchain Technology to Complete World's First Trade Financing Transaction


HSBC said on Monday that it has completed the world's first trade financing transaction using blockchain technology and has taken an important step in improving efficiency as well as reducing the errors in the multi-trillion-dollar international trade financing. HSBC, in cooperation with ING, successfully used blockchain technology to issue a letter of credit for food and agriculture giant Cargill. The use of blockchain technology in the banking industry is expected to reduce the risk of fraud in letters of credit and other transactions and to simplify the trading process.

The letter of credit is one of the most widely used ways of reducing the risk between importers and exporters, helping to provide guarantees for transactions worth more than $2 trillion. Yet this process will generate a lot of paperwork and it takes five to ten days to exchange documents.

 Vivek Ramachandran, head of global innovation and growth at HSBC's commercial banking division, said: "This means trade finance transactions will become simpler, faster, more transparent and safer."

HSBC cited a study by the United Nations that if all trade-related paperwork in the Asia-Pacific region were conducted electronically, it could reduce the time required to export goods by 44% and reduce costs by 31%.








Source: 7tin
http://www.7tin.cn/news/112114.html

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