HKMA (Hong Kong Monetary Authority) will launch a blockchain trade financing platform in August, endeavoring to solve the financing issue for enterprises.
The financing issue facing enterprises has been a social focus, but now the application of blockchain technology to solve enterprise financing has been brought into focus instead.
It is worth noting that HKMA will officially launch its blockchain trade financing platform in August, with 21 banks, including HSBC and Standard Chartered Bank, linked together. In this case, blockchain is expected to significantly shorten and reduce the time and documents required for daily trade financing and supply chain financing transactions.
This trade financing platform is reportedly sponsored by 7 Hong Kong's banks, led by HKMA and designed by Ping An Group.