HSBC Issues Letter Of Credit Powered By Blockchain
British multinational investment bank and financial services holding company, HSBC has recently initiated a blockchain-based letter of credit transaction that is denominated in Chinese Yuan.
The bank reveals that the recent issuance is proof that progress is being made on the Voltron trade finance blockhain platform they are developing together with other banks such as BNP Paribas, and Standard Chartered Bank.
According to the regional head of global trade and receivables finance for Asia-Pacific at HSBC, Ajay Sharma, that bank is moving from a small pilot to the possible commercial release late this year or early next.
Management from HSBC is hopeful that other banks will bell join the effort and which will in a way help them in the amount of time and resources they have to spend in developing the new platform.
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