Russian Alfa-Bank joins HSBC-backed blockchain trade finance network
A major global blockchain trade network welcomes one of Russia’s largest banks. Alfa-Bank, one of the largest private commercial banks in Russia, has joined a blockchain trade finance network backed by HSBC.According to an official announcement on Nov. 3, 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. The network allows bank customers to track the processing and modification of trade finance transactions and cut operational costs. Evgenia Fomina, head of the Alfa-Bank....
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HSBC said the transaction over the Contour trade finance blockchain platform slashed the time normally taken to process letters of credit.