Published on November 14th, 2017 | by bitcoin0
Blockchain-Based Trade Financing System Coming to Hong Kong
The government of Hong Kong is planning to create a Blockchain technology-based trade financing system.
The system is expected to benefit the country in its participation in China’s Belt and Road Initiative.
In its comment at a forum on Nov. 10, 2017, Hong Kong’s Secretary for Financial Services and the Treasury, James Henry Lau, claimed that Blockchain could greatly reduce the huge input of human resources and time that trade financing generally requires.
Hong Kong’s previous foray into Blockchain-based trade finance Hong Kong has already ventured in several Blockchain-backed trade finance projects in the past.
Hong Kong’s central bank has also partnered with its Singapore counterpart to advance a Blockchain-based project to maximize trade and financing between the two global financial centers.