Management of monetary circulation of Hong Kong and the FINTECH companies OneConnect, a subsidiary of the Chinese firm Ping An Group, are launching a joint trading blockchain system. It is reported by the Financial Times.

It is noted that the new system involves a significant reduction of paperwork and spending on security.

“The main goal of the cooperation is the reduction of time through acceleration of the transaction. Blockchain technology allows “some” of the transaction will be carried out in just one day, whereas the current system, this may take up to 14 days”, — told the parties to the agreement.

Note that the announced November 2017 initiative is the first step of the regulator on the banks merger with the blockchain.

Full launch of the system will take place in September.

Recall that in March the Hong Kong stock exchange has begun to explore the possibilities of blockchain technology for their subsequent implementation on the platform.

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