HSBC Enacts a Letter of Credit on a Blockchain in Malaysia


Major bank HSBC has announced the successful enactment of a letter of credit (LC) on a blockchain in Malaysia.

The transaction

English language local fintech news outlet Fintech News Malaysia reported the development on Oct. 14, noting that the transaction involved packaging firm Simply Packaging importing resin from an unspecified Singaporean chemicals company. The issuing bank was HSBC Malaysia and the nominated bank was HSBC Singapore.

Per the report, this is the eleventh blockchain-powered transaction carried out by HSBC and the first such pilot carried by its Malaysian branch. HSBC Malaysia CEO Stuart Milne commented on the successful test:

“I am very pleased that HSBC has pioneered Malaysia’s first pilot blockchain LC transaction. This showcases our strong commitment and ability to support cross-border trade by Malaysian businesses using cutting-edge technology platforms.”

HSBC’s involvement with blockchain

According to the article, trade between Malaysia and Singapore was worth over $85 billion last year and the administrative paperwork often delays the delivery of goods traveling across this trade route. The exchange and processing of the documents involved in reportedly take five to 10 days on average, while the pilot managed to cut the time to 24 hours.

As Cointelegraph reported in September, at the time HSBC has completed the first yuan-denominated letter of credit transaction on a blockchain using the Voltron trade finance platform.





Source link

Leave a Reply

Your e-mail address will not be published. Required fields are marked *

  • bitcoinBitcoin (BTC) $ 8,134.57 0.98%
  • ethereumEthereum (ETH) $ 176.28 0.9%
  • rippleXRP (XRP) $ 0.255263 1.12%
  • bitcoin-cashBitcoin Cash (BCH) $ 242.76 1.86%
  • tetherTether (USDT) $ 0.999087 0.22%
  • litecoinLitecoin (LTC) $ 55.76 0.38%
  • eosEOS (EOS) $ 3.13 1.78%
  • binancecoinBinance Coin (BNB) $ 18.53 3.51%
  • bitcoin-cash-svBitcoin SV (BSV) $ 110.47 3.97%
  • stellarStellar (XLM) $ 0.065656 1.02%
  • cardanoCardano (ADA) $ 0.042289 1.85%
  • tronTRON (TRX) $ 0.016939 0.86%
  • moneroMonero (XMR) $ 58.43 0.27%
  • chainlinkChainLink (LINK) $ 2.71 2.09%
  • leo-tokenLEO Token (LEO) $ 0.946454 1.33%
  • cosmosCosmos (ATOM) $ 3.55 0.28%
  • tezosTezos (XTZ) $ 1.20 1.17%
  • neoNEO (NEO) $ 11.81 4.92%
  • huobi-tokenHuobi Token (HT) $ 3.39 3.27%
  • okbOKB (OKB) $ 2.58 5.18%
  • iotaIOTA (MIOTA) $ 0.245886 1.47%
  • dashDash (DASH) $ 65.42 1.45%
  • ethereum-classicEthereum Classic (ETC) $ 4.39 0.89%
  • ontologyOntology (ONT) $ 0.741319 0.55%
  • makerMaker (MKR) $ 604.31 6.21%
  • usd-coinUSD Coin (USDC) $ 1.00 0.16%
  • vechainVeChain (VET) $ 0.006844 6.05%
  • crypto-com-chainCrypto.com Coin (CRO) $ 0.033938 2.66%
  • nemNEM (XEM) $ 0.039649 0.28%
  • basic-attention-tokenBasic Attention Token (BAT) $ 0.248412 6.23%
  • dogecoinDogecoin (DOGE) $ 0.002542 0.16%
  • zcashZcash (ZEC) $ 34.10 1.76%
  • decredDecred (DCR) $ 21.43 3.89%
  • paxos-standardPaxos Standard (PAX) $ 1.00 0.16%
  • qtumQtum (QTUM) $ 1.94 0.07%
  • true-usdTrueUSD (TUSD) $ 1.00 0.09%
  • 0x0x (ZRX) $ 0.259895 0.51%
  • holotokenHolo (HOT) $ 0.000877 1.69%
  • bytomBytom (BTM) $ 0.093319 11.95%
  • bitcoin-goldBitcoin Gold (BTG) $ 7.41 1%
  • augurAugur (REP) $ 11.81 8.76%
  • omisegoOmiseGO (OMG) $ 0.896926 2.61%
  • v-systemsV.SYSTEMS (VSYS) $ 0.066807 1.03%
  • ravencoinRavencoin (RVN) $ 0.024984 2.37%
  • nanoNano (NANO) $ 0.865825 0.39%
  • algorandAlgorand (ALGO) $ 0.241611 2.08%
  • liskLisk (LSK) $ 0.764673 5.26%
  • havvenSynthetix Network Token (SNX) $ 1.15 10.17%
  • saiSai (SAI) $ 1.00 0.03%
  • komodoKomodo (KMD) $ 0.830971 9.07%
  • kucoin-sharesKuCoin Shares (KCS) $ 1.15 0.55%
  • theta-tokenTheta Network (THETA) $ 0.093382 3.58%
  • seeleSeele (SEELE) $ 0.131704 19.98%
  • bitcoin-diamondBitcoin Diamond (BCD) $ 0.460894 0.68%
  • bittorrent-2BitTorrent (BTT) $ 0.000400 0.07%
  • iconICON (ICX) $ 0.162600 1.84%
  • digibyteDigiByte (DGB) $ 0.006505 1.11%
  • siacoinSiacoin (SC) $ 0.001840 0.88%
  • dxchainDxChain Token (DX) $ 0.001544 5.07%
  • swipeSwipe (SXP) $ 1.26 4.42%
  • iostokenIOST (IOST) $ 0.006275 3.94%
  • monacoinMonaCoin (MONA) $ 1.01 1.35%
  • bytecoinBytecoin (BCN) $ 0.000393 13.74%
  • wavesWaves (WAVES) $ 0.719816 1.67%
  • vergeVerge (XVG) $ 0.004464 8.1%
  • monacoMCO (MCO) $ 4.40 8.21%
  • hshareHyperCash (HC) $ 1.54 0.11%
  • blockstack-iouBlockstack (STX) $ 0.156930 5.92%
  • bitsharesBitShares (BTS) $ 0.024379 2.51%
  • aeternityAeternity (AE) $ 0.193774 1.73%
  • quant-networkQuant (QNT) $ 6.18 2.54%
  • maximineMaximine (MXM) $ 0.011897 7.65%
  • nexoNEXO (NEXO) $ 0.106642 0.94%
  • erc20ERC20 (ERC20) $ 0.061829 0.72%
  • enjincoinEnjin Coin (ENJ) $ 0.066831 4.38%
  • lunaLuna (LUNA) $ 0.307718 7.91%
  • maidsafecoinMaidSafeCoin (MAID) $ 0.125665 1.47%
  • zilliqaZilliqa (ZIL) $ 0.005906 3.46%
  • bmaxBitmax Token (BTMX) $ 0.067157 1.93%
  • iexec-rlciExec RLC (RLC) $ 0.727446 6.96%
  • ardorArdor (ARDR) $ 0.050565 3.58%
  • lambdaLambda (LAMB) $ 0.034386 2.36%
  • chilizChiliz (CHZ) $ 0.012429 3.57%
  • xmaxXMax (XMX) $ 0.001679 0.59%
  • rif-tokenRIF Token (RIF) $ 0.083233 0.81%
  • steemSteem (STEEM) $ 0.135007 3.77%
  • republic-protocolREN (REN) $ 0.051921 1.17%
  • molecular-futureMolecular Future (MOF) $ 0.696842 10.81%
  • statusStatus (SNT) $ 0.012071 1.95%
  • crypteriumCrypterium (CRPT) $ 0.509560 20.81%
  • energiEnergi (NRG) $ 1.84 0.93%
  • you-chainYOU Chain (YOU) $ 0.057140 2.99%
  • golemGolem (GNT) $ 0.042532 1.56%
  • ftx-tokenFTX Token (FTT) $ 1.43 0.24%
  • pundi-xPundi X (NPXS) $ 0.000168 1.03%
  • zencashHorizen (ZEN) $ 5.11 2.1%
  • digitex-futures-exchangeDigitex Futures Exchange (DGTX) $ 0.045035 2.24%
  • zcoinZcoin (XZC) $ 4.33 2.25%
  • aelfaelf (ELF) $ 0.080095 0.15%
  • electroneumElectroneum (ETN) $ 0.003662 5.17%