Tag: trade finance

HSBC Deems Blockchain Infrastructure for Trade Finance Commercially Viable

Blockchain technology can be a viable tool when put in the right hands. HSBC is one of the many banks exploring the boundaries of this innovative technology. The company recently conducted and completed its first trade finance deal using a distributed ledger. It’s a very positive development for the blockchain industry, as global adoption seems imminent. HSBC Has a Major Breakthrough It is evident financial institutions all over the world are quite …
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Batavia, UBS and IBM’s Joint Platform, Completes First Live Trade

Batavia, a blockchain trade finance platform, has successfully completed its first live corporate cross-border transaction. The platform is a joint venture between tech giant IBM and leading banks including Swiss bank UBS, European financial services firm Erste Group, the Spanish CaixaBank, German giant CommerzBank, and Bank of Montreal. This initial transaction saw the platform facilitate the exchange of cars from Germany to Spain and raw materials from Austria to Spain. A …
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Singapore and Hong Kong Link Their Trade Finance Blockchain Platforms

Fraud and errors present in the funding of international trade can be disastrous given the trillions of dollars in play. Consequently, the Singapore and Hong Kong central banks recently unveiled plans to link their respective trade finance platforms developed via blockchain technology. Central Banks Link Their Platforms Back in 2016, the Hong Kong Monetary Authority (HKMA) and a few banks such as HSBC Holdings and Standard Chartered decided to test various uses of distributed …
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Euro Overtakes Chinese RMB In Trade Finance

Concerns over the value of the RMB are more than justified, as the national currency continues to slip down a very steep slope. But there is even more reason for concern, as the Swift RMB Tracker indicates that the Euro suddenly surpassed the RMB in trade finance. Although the US Dollar remains firmly in the top position, things are going from bad to worse for the renminbi rather quickly. Euro …
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