Fraud and errors present in the funding of international trade can be disastrous given the trillions of dollars in play. Consequently, the Singapore and Hong Kong central banks recently unveiled plans to link their respective trade finance platforms developed via blockchain technology. Central Banks Link Their Platforms Back in 2016, the Hong Kong Monetary Authority (HKMA) and a few banks such as HSBC Holdings and Standard Chartered decided to test various uses of distributed ledger technology in order to build a fraud and mistake-proof finance trade platform. Not long afterward, Singapore also began development of a similar platform. Both systems were meant to help avoid considerable
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Singapore and Hong Kong Link Their Trade Finance Blockchain Platforms
