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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
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