Hong Kong seeks to use blockchain technology in trade finance

ABR
August 7, 2018

Hong Kong Monetary Authority (HKMA) has announced that they will collaborate with Abu Dhabi’s regulators to build a cross-border trade finance system using distributed ledger technology (DLT).

The HKMA and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market signed a cooperation agreement on June 26 to build up the cooperation between two countries and  encourage financial services in both markets.

The representative from HKMA shared that they will establish a close partnership with FSRA in order to embrace fintech innovation/solutions, especially to develop a cross-border trade finance network using DTL.

In late 2017, HKMA also confirmed their partnership with The Monetary Authority of Singapore (MAS) to joint launch a cross-border trade platform on blockchain technology.

As reported, over 20 global banks and financial organizations participated in the test in hope of accelerating the proof-of-concept to commercial production, which is believed to be ready by 2019.

According to a sharing on CoinDesk, the HKMA implied that the HKTFP might provide a basis infrastructure for Abu Dhabi:

“The Financial Services Regulatory Authority of the Abu Dhabi Global Market has indicated interest in the Hong Kong Trade Finance Platform and would like to explore any cross-border cooperative opportunity in this area. The HKMA will continue to have the dialogue with them, including any possible cross-border trade finance infrastructure development between the two markets.”

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