Alfa-Bank, the largest private commercial banks in Russia, has joined a blockchain trade finance network backed by HSBC. It has been reported that Alfa-Bank is the first Russian bank to become a member of Contour, a blockchain platform connecting the world’s major financial institutions like HSBC, ING, and Citi. However, the network allows bank customers to track the processing and modification of trade finance transactions and cut operational costs. Evgenia Fomina, the head

HSBC Bangladesh has conducted the country’s first blockchain-based letter of a credit transaction on the Contour DLT platform. It has been reported that the transaction was used to settle the importation of 20,000 tonnes of fuel oil from United Group’s Singapore subsidiary United Mymensingh Power. Md Mahbub ur Rahman, the Chief Executive of HSBC Bangladesh, described the transaction as showcasing the bank’s commitment “to supporting cross-border trade by Bangladeshi businesse

The central bank of France, Banque de France has announced that it has picked out eight potential candidates to test trail its digital euro. According to an announcement on 20. July, the potential candidates include leading industry players such as Accenture, HSBC, and Societe Generale. Small crypto players like Seba Bank and LiquidShare are also among the list. Today @banquedefrance announced candidates selected for experiments w/ central bank digital money (MDBC) in interba

Blockchain technology in banking and finance is transforming the dynamics of payment systems from tracking transaction history to the whole process of how money is being transferred. The question lies here can the traditional financial sector embrace the revolutionizing technology or be replaced by it? Blockchain technology is already disrupting the currency market while the banking sector is starting to get the heat of it. The technology behind blockchain features trustlessn

HSBC, the British banking giant, plans to move $20 billion worth of assets to Digital Vault, a new blockchain-based custody platform, by March 2020. #CNIR British banking giant HSBC plans to move $20 billion worth of assets to Digital Vault, a new blockchain-based custody platform by March 2020. https://t.co/h0t64SL8AG — Crypto News & Investigative Reports (@RobtechP) November 28, 2019 On November 27, it has been reported by Reuters that the global investment bank aims to d

Oman Oil, Orpic Group and HSBC Bank Oman SAOG have conducted the first trade finance transaction on the blockchain in the country using R3’s Corda platform. On Nov. 23, Oman Observer reported that Oman Oil and Orpic Group and HSBC Bank executed the country’s first blockchain-based trade finance transaction through a sale of polypropylene to Abu Dhabi National Carpet Factory. Fully Digitized Letter of Credit HSBC Oman advised a fully digitized letter of credit on the blockchai

HSBC will explore the use of blockchain for issuing fixed income securities in a joint trial with Singapore Exchange (SGX) and investment firm Temasek. On Nov. 12 HSBC Singapore announced that the aim of the trial is to reduce cost by applying tokenized securities and smart contracts in a proper well-organized bond issuance process. HSBCSG announces a trial with SGX and Temasek to explore #DLT for fixed income. Tony Cripps, CEO, HSBCSG – “The potential of DLT is an evolving s

Major bank HSBC has announced the successful enactment of a letter of credit (LC) on a blockchain in Malaysia. On October 14, it has been reported by Fintech News Malaysia, the English language local fintech news outlet that the development notes the transaction involved Simply Packaging, a packaging firm, importing resin from an unspecified Singaporean chemicals company. The issuing bank was HSBC Malaysia and the nominated bank was HSBC Singapore. As per the report, this is