20 banks participate in Blockchain trading network

20 banks participate in Blockchain trading network

Several banks in Singapore and Hong Kong will participate in a trading network with the Blockchain.

According to the Business Times, over 20 global banks are involved in the network, which is expected to launch in 2019. More details about the new members were announced during the Singapore FinTech Festival on Thursday.

The Hong Kong Trade Finance Platform (HKTFP) network proof-of-concept was developed in collaboration with the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS), the central banks of the two tiger states. The goal is to digitize the trade financing through Blockchain's distributed ledger technology.

According to central bank officials, the DLT pilot project, which is described as a "Global Trade Relationship Network", is expected to set "new world standards" for industry and improve trade between the two tiger states.

Li Shu-Pui, chief executive officer of HKMA, said bankers care about the privacy and privacy of customers. Therefore, authorities should introduce guidelines for the DLT. Only then is an implementation of the project possible.

Li expects European banks to participate in the project in the future.