HSBC Wants to Launch Voltron Blockchain in South Korea

March 29, 2019

Banking giant HSBC, based in the United Kingdom, has reportedly been seeking banking partners in South Korea to launch its Voltron blockchain platform in the country to enhance efficiency and transparency.

The Voltron platform gives firms the ability to process and settle trading invoices through the blockchain system. The solution is currently at the pilot stage, having been launched in October 2018 by the R3 blockchain consortium together with eight banks that included HSBC, ING, and Standard Chartered.

Joshua Kroeker, HSBC’s Innovation Director on Blockchain, said the company is planning to launch Voltron commercially in the future, as the company seeks to collaborate and share costs with Korean banks on the development of the platform.

Kroeker said he believes the decentralized system can facilitate connections and significantly reduce the time generally required for interbank operations.  He added that time and transparency would help companies to better manage their cash flow and working capital.

Filing and processing trading papers generally takes five to 10 days, but can last up to 30 days. Because blockchain enables different parties to access data in real time, this period can feasibly be reduced to just 24 hours.

Béatrice Collot, Head of Global Trade and Receivable Finance at HSBC, recently paid special tribute to blockchain, saying the technology can potentially converge the supply chain ecosystem and financial ecosystem, including banks and suppliers. She also cited transparency and instantaneity as “the true strengths of blockchain technology.”

HSBC disclosed in February 2019 that FX Everywhere – the company’s proprietary blockchain solution – had cut costs for foreign exchange settlement by 25%. It noted, however, that blockchain-powered settlements represented only a small proportion of the total.

Source: cointelegraph.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    An Update On Disruption Of Trickbot – Microsoft’s Tom Burt
    As of October 18, Microsoft has worked with partners around the world to eliminate 94% of Trickbot’s...

    October 24, 2020

    U.S. Says Google Breakup May Be Needed To End Violations Of Antitrust Law
    According to Reuters, the U.S. sued Google on Tuesday, accusing the $1 trillion company of illegally...

    October 24, 2020

    Nokia Selected By NASA To Build First Ever Cellular Network On The Moon
    Nokia has announced further details after being named by NASA as a partner to advance “Tipping Point...

    October 23, 2020

    Singapore FinTech Company, STACS, Co-Develops Blockchain Platform with EFG Bank
    STACS, a Singapore FinTech company focusing on Blockchain technology solutions, announced its partne...

    October 22, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us