Bank of America, HSBC Unveil Blockchain Supply Chain Project
Banking giants Bank of America and HSBC have teamed up with the Singapore government’s IT and telecom agency on a project that applies blockchain to trade finance. Announced today, Bank of America, HSBC and the Infocomm Development Authority of Singapore (IDA) revealed they have built a blockchain application based on the Hyperledger protocol that aims to replicate the letter of credit (LC) transaction process between banks, exporters and importers. The trial finds the financial firms seeking to explore how a distributed ledger could establish trust between parties that today need to rely....
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Distributed ledger startup R3CEV has added 13 new banking partners, bringing the total number of banks involved in its activities to 22. In a release, R3 revealed Bank of America, BNY Mellon, Citi, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale and Toronto-Dominion Bank had signed on to the project. R3 CEO David Rutter suggested in statements that the startups approach to collaborating with the market to lower the cost of delivering new blockchain initiatives was a factor in the deal.....
HSBC has confirmed its bitcoin and cryptocurrency stance as a growing number of major banks are beginning to offer crypto services. CEO Noel Quinn says that HSBC views bitcoin as an asset class rather than a payments vehicle but the bank is not rushing into providing cryptocurrency investments for clients. HSBC Confirms Crypto Stance HSBC CEO Noel Quinn said that the bank “has no plans to launch a cryptocurrency trading desk” or offer cryptocurrencies as investments to customers, Reuters reported Monday. Quinn was quoted as saying: “Given the volatility we are not into....
Seven major banks and financial institutions including HSBC, Deutsche Bank, KBC, Natixis, Rabobank, Societe Generale and UniCredit signed a Memorandum of Understanding hereinafter MoU in Brussels to develop a Blockchain-based trade finance and supply chain platform. Upon the completion and implementation of the joint project, the seven institutions will focus on implementing their Blockchain platform to optimize trade finance operations. The platform, which is based on a technology called Digital Trade Chain hereinafter DTC developed by the Belgian bank KBC, is expected to settle both....
The international R3 blockchain project to develop blockchain commercial applications and standards for the financial world just got a whole lot weightier as 13 new global banks joined the distributed or "shared" ledger initiative. R3, the international financial innovation firm, based in New York, London and San Francisco, is a multidisciplinary team including experts from the worlds of electronic banking, new tech startups, and cryptography and digital currencies development, aiming to "define, design and deliver the next generation of financial technology." The 13 new banks joining the....
A few weeks ago, nine large global banks announced their plans to embark on an industry-wide blockchain tech development project. These include the likes of JPMorgan, Goldman Sachs, Barclays, Commonwealth Bank of Australia, Credit Suisse, and UBS. These banks are now joined by thirteen more well-known institutions, namely Bank of America, BNY Mellon, Citi, HSBC, Morgan Stanley, Commerzbank, Deutsche Bank, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale, and Toronto-Dominion Bank. Blockchain Tech in Finance. "The addition of this new group of banks demonstrates....