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 and banking consortium to launch blochchain based trade finance platform - EconoTimes)
A glimpse at the 'World Trade': An organization recently reported on how the demand for trade finance business sums upto $700 billion dollars that's been unattended across emerging Asia and $120 billion in EM Africa. As per the agency's notions, bridging these sort of gaps would most likely to access the trading potential all around the world.
Many times in the recent past, the trade finance businesses backed by robust blockchain technology have experimented. Now, it's Hong Kong monetary authority's turn by collaborating with some banking consortium. While the global banking giant HSBC has already clarified back in May as to how the world’s first commercially viable blockchain trade finance transaction on the Corda platform was successfully executed, that was developed by the R3 blockchain consortium. Other banking players, such as Deutsche Bank and Rabobank have also teamed up to launch a trade finance platform.
But for now, the project is a joint effort by the Hong Kong Monetary Authority (HKMA) and a consortium of banks, including HSBC, Bank of East Asia Ltd, and Standard Chartered.
It is quite known that Fintech has been one of the swiftly growing sectors. Fintech gamut symbolizes the progressive enterprises that leverage cutting-edge technology to bring-in friendly financial products and solutions that are quite far more agile and pioneering compared to traditional financial institutions.
Amid the lingering prospects among the crypto-asset universe, the keen interest continues to mount everywhere, reputed institutions from Big 4 auditing firms to the central banks of advanced economies have been investing hugely into R&D projects of blockchain and cryptocurrency gamut. A rapidly increased number of banks, governments, and technology giants have shifted their keen attention on blockchain when it comes to trade finance — the predominant reasons being that foreign traders are still eyeing for a way to unlock liquidity in the supply chain. A study from Ernst & Young mentioned 2,000 leading companies in Europe and the United States have about $1.3 trillion dollars tied up unnecessarily.
