However, the deal aims to create a Proof-of-Concept for a trade finance platform from Q1 2020, linking two existing projects: the HKMA’s eTradeConnect and the PBoC’s Trade Finance Platform.
The two central banks will be represented by subsidiaries of Hong Kong Interbank Clearing Limited and the Institute of Digital Currency of the PBoC.
The post adds:
“Once the connection has successfully been established, it will provide firms in both places with more convenient trade finance services and enable banks in Hong Kong to expedite the expansion of their trade finance business.”
People’s Bank of China
So, it has been reported by China Money Network, a local Financial Media Outlet, that the Chinese regional governments and other entities have pledged blockchain funds worth $5.7 billion to further support.
Thus, Eddie Yue, the chief executive of HKMA, commented as part of the MoU signing:
“To lift Hong Kong’s fintech development to a new height, we must take a holistic ‘HK Inc.’ approach.” Eddie Yue