On November 3, HSBC announced that after the completion of the second phase of the docking project between the Mainland Trade Finance Blockchain Platform (“Trade Finance Platform”) and the Hong Kong Trade Link Platform (“Trade Link”), the Mainland and Hong Kong have been separated. As the first batch of pilot banks, it successfully completed the first batch of three cross-border trade financing transactions for corporate customers in the two places through cross-platform interconnection.
It is reported that the “Trade Finance Platform” and “Trade Linkage” have recently completed the second phase of the docking project and officially entered the trial operation stage. The application scenarios have been further expanded from the first phase of mainland exports and Hong Kong imports to cover mainland imports and Hong Kong exports. The interconnection of the trade and finance blockchain platforms of the two places.
With the help of the interconnection of “Trade Funding Platform” and “Trade Linkage”, HSBC Bank (China) Co., Ltd. (“HSBC China”) linked the Hongkong and Shanghai Banking Corporation Limited to three mainland companies and their Hong Kong counterparties in the two places. Processed import and export trade financing. The first batch of transactions realized paperless and full online operations of all relevant transaction links, including placing orders, issuing invoices and submitting financing applications, etc. All parties involved in the transaction can simultaneously query real-time information, ensuring transaction information Transparency and visibility.
Ma Jian, Director of HSBC China Industrial and Commercial Finance, said: “The deep cross-platform interconnection between the’Trade Finance Platform’ and the’Trade Linkage’ has further improved the security, convenience and transparency of cross-border transactions between enterprises in the two places, and effectively reduced the cost of enterprises. Operating costs also help banking institutions to better control and reduce risks in the process of servicing companies’ cross-border trade. We believe that the active measures of the Mainland and Hong Kong to jointly promote the interconnection of blockchain trade platforms will help Promote the growth of cross-border trade under the new development pattern of ” dual cycles ” . “
It is understood that the “Trade Finance Platform” was launched in September 2018, and the Hong Kong “Trade Linkage” platform was also launched at the same time. Both platforms use blockchain technology to create mutual trust and convenience for import and export enterprises and financial institutions. International trade financing environment.
In 2019, Shenzhen Financial Technology Research Institute, a subsidiary of the Digital Currency Research Institute of the People’s Bank of China, signed a memorandum of cooperation with Hong Kong Trade Finance Platform Co., Ltd. In November 2020, the two platforms completed the first phase of the docking project, realizing the scenario application of mainland exports and Hong Kong imports through cross-platform interconnection. In April of this year, the “Trade Finance Platform” and “Trade Linkage” launched the second phase of the cross-platform construction, which further covers the application of scenarios for mainland imports and Hong Kong exports, and increases the diversity of cross-platform interconnection scenarios.
According to reports, HSBC has been committed to using financial technology to serve China’s cross-border trade, and actively supports and participates in the construction of industry service platforms. Previously, it assisted companies in completing the first cross-border letter of credit transactions based on blockchain technology in Mainland China. And the world’s first blockchain cross-border RMB letter of credit transaction.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/hsbc-completes-the-first-batch-of-pilot-transactions-for-the-second-phase-of-the-mainland-and-hong-kong-blockchain-platform-docking/
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