Central Bank of Hong Kong going To Launch Blockchain Platform With 21 Banks

It is a great news for us as we are associated with Crypto Currency, So I am happy to share this news in my steemit platform. Now, i think its a crucial phase for the crypto world going on and therefore I would like to share such posts to bring awareness among our society about positive implementations.

Monetary Authority of Hong Kong:

The Hong Kong Monetary Authority, which in effect acts as the special administrative region’s central bank, will reportedly launch a blockchain-based trade finance platform.

AND

OneConnect:

The fintech subsidiary to the major Chinese company Ping An Group.

The joint venture between the Hong Kong Monetary Authority and OneConnect was initially announced in November of 2017. Moreover, it is the first time a Hong Kong regulator has taken sides to ”bring banks together”.

It will also help a great deal with both costs and the security risks faced by participants and also reduce the amount of paperwork currently needed for trade finance solutions to be processed.

The blockchain-powered solution will essentially reduce the amount of bureaucracy needed in order to give new upstart businesses access to banking services. When the initiative launches, which it is planned to do in August, it will also lead to a marked reduction in the time it will take for transactions to be processed.

As is, the current methods can take up to two weeks for transactions to be fully registered and transacted. Using the new blockchain-based solution from the Hong Kong Monetary Authority and OneConnect, some of these transactions will now be processed in a mere day.

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