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Hong Kong government will create a system of trade finance based on blockchain

The Hong Kong government is planning to establish a trade finance system based on Blockchain technology.

14.Nov.17 5:59 AM
By Daria Zaytseva


Hong Kong government will create a system of trade finance based on blockchain

It is expected that this system will benefit the country in its participation in China's Belt and Road Initiative.

In his commentary on the forum on November 10, 2017, the Hong Kong Secretary for Financial Services and the Treasury, James Henry Lau, said that Blockchain could significantly reduce the huge contribution of human resources and the time that normally requires trade finance. He added that the technology can contribute to the trading activities carried out within the framework of the "Belt and Road" program.

The Chinese program "Belt and Road " is designed to strengthen trade relations between China and its global partners. The initiative was initiated by Chinese President Xi Jinping in 2013. Currently, the program operates 69 countries, regions and international organizations.

In September 2017, several newspapers in Hong Kong reported that the Special Administrative Regionís monetary authority was planning to make equity investments in several projects on the infrastructure of "Belt and Road".

Hong Kong has already participated in several trade finance projects supported by Blockchain, in the past. In March, its monetary possession successfully completed a proof-of-concept initiative of using Blockchain to digitize contracts and reduce the risk of fraud and duplication of transactions.

The Central Bank of Hong Kong has also cooperated with its Singaporean counterpart in promoting a project based on Blockchain to maximize trade and financing between the two global financial centers.

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