HSBC, Standard Chartered, Others Launch Blockchain-Based Trade Finance Platform

More from: | PYMNTS |

HSBC, Standard Chartered and 10 other banks launched a new blockchain-based trade finance program in Hong Kong on Wednesday (Oct. 31) aimed at increasing the efficiency of international trade.

According to a report in Reuters citing HSBC, the platform, dubbed eTrade Connect, enables it to reduce the time it takes to approve a trade loan to four hours. Currently, the average time is one and a half days. The other banks that are part of the platform include Agricultural Bank of China and BNP Paribas, noted the report.

Reuters noted that trade finance transactions were worth more than $9 trillion last year, but it is a market that relies heavily on paper, using processes and procedures that are


Read full article »

About | PYMNTS | is reinventing the way in which companies share relevant information about the initiatives that shape the future of payments and commerce and make news. This powerful B2B platform is the #1 site for the payments industry by traffic and the premier source of information about “What’s Next” in payments and commerce. C-suite executives, company founders, and investors turn to it daily for these insights, making the audience the most valuable in the industry. It provides an interactive platform for companies to demonstrate thought leadership, popularize products and, most importantly, capture the mindshare of global decision-makers. It’s where the best minds and best content meet on the web. Innovations in payments and commerce have become highly intertwined. PYMNTS covers every aspect from retail reinvention to the Internet of Things.

»Twitter: @pymnts »Facebook: @pymnts