International Finance Corporation, HSBC and Standard Chartered announced the launch of blockchain-based platform for trade Finance. Officially an online platform called eTrade Connect was presented in Hong Kong on Wednesday, 31 October; partners HSBC and StanChart development platform of steel has 10 banks.
The main objective of eTrade Connect — optimization of business processes. Its functionality includes document digitization and automation of the staging operations, whereby the interaction between the parties becomes more efficient and the parties to receive the necessary funding. In addition, it is expected that the system eTrade Connect will eliminate the risk of counterfeit letters of credit and other important documents.
The first transaction eTrade made in the full production mode, began the purchase of the company for the sale of furniture and household goods Pricerite. The Chairman of the Banks Kwan (Bankee Kwan) commented on the launch platform:
“The blockchain has turned the time consuming, complex process in a simple and more secure way to trade”.
In the number of banks has also worked on the project included the Hong Kong Monetary Authority (HKMA), Agricultural Bank of China and BNP Paribas. In the future eTrade Connect will operate with the same platform We. Trade operating in the European market.
Unknown does eTrade Connect the use of cryptocurrencies, and, in this case, whether the platform to integrate your network with exchanger or an exchange. HSBC already works with Bitfinex; the corresponding cooperation agreement was signed in early October.