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HSBC says performs first trade finance deal using single blockchain system

Reuters  |  HONG KONG 

By Sumeet ChatterjeeHONG KONG (Reuters) - HSBC Holdings Plc said on Monday it has performed the world's first trade finance transaction using a single blockchain platform, in a push to boost efficiency in the multi-trillion-dollar funding of international trade.HSBC and Dutch bank ING completed the deal for Cargill last week when a shipment of soybeans was transported from Argentina to Malaysia via the global commodities trader's Geneva and Singapore subsidiaries, the British lender said in a statement.While there have been other trade finance deals that use blockchain in conjunction with ...

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First Published: Mon, May 14 2018. 15:17 IST