Two Asian centers or business – Hong Kong and Singapore – will cooperate on blockchain-based cross-border trade project by linking their trade finance platforms.
Why is it important
Both countries were looking into building a trade finance platform by using blockchain technology. Now, instead of doing it separately, they’ll do it together.
What are they aiming for?
Authorities hope that a collaborative blockchain project will enhance the trade finance corridor between the two. By digitizing and sharing trade documents, the world’s financial centers can reduce risk of fraud and increase efficiency of trade finance.
What can we learn from it
- While China stands strong on crypto ban, all surrounding states are into blockcain.
- Singapore is famous for its efficient finance processing systems. So it seems logical not just to add blockchain advantages, but to expand the adoption further.