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    HSBC Moves $20 Billion From Paper to Blockchain

    HSBC, one of the largest banking and financial services organizations in the world, headquartered in London, is planning on making a bold $20 billion step.
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    SABB and HSBC Complete First Blockchain Trade Transaction

    SABB and HSBC have for the first time used blockchain technology in Saudi Arabia and Bahrain to finance international trade. The move puts Saudi Arabia and Bahrain at the forefront of global trade, introducing new levels of efficiency, security and transparency for corporate’s looking to access new markets. The transaction involved the shipment of homogenized aluminium billets from Aluminium Bahrain B.S.C. (“Alba”) to Saudi Arabia’s Altaiseer Aluminium Corporation (“TALCO”). A Letter of Credit (“LC”) was issued by TALCO on a blockchain based platform using R3’s Corda system. Majed Najm, Deputy Managing Director, Corporate and Institutional Banking, The Saudi British Bank, said: “There’s been a lot of excitement about the commercial benefits of blockchain, so I’m proud we’re first to use it to improve how Saudi corporates trade internationally. Blockchain can improve many aspects of international trade, so it’s great to be in a position to pioneer these changes for the good of our customers and the economy.” Melika Betley – CEO, HSBC Bahrain, said: “As the world’s leading bank for trade finance, HSBC is actively supporting the adoption of technologies such as blockchain to make global trade faster, safer and simpler. With intraregional trade continuing to grow, we see tremendous potential for blockchain in the GCC. I’m delighted that this transaction has involved Bahrain and plays to its strengths as a rapidly evolving fintech ecosystem.” This transaction further evidences the commercial and operational viability of blockchain as an alternative to conventional exchanges of paper-based documentation. The blockchain LC flow mirrors the traditional process (agreeing letter of credit terms, application, issuance, advising, amendment request and its approval, document presentation, discrepancy resolution, and bill settlement instructions), with all participants using a single blockchain platform. R3’s Corda uses blockchain to track, and trace information as it moves between parties. The Corda technology keeps all stakeholders in sync, reducing the need for reconciliation and speeding up transactions, whilst providing visibility on progress for all. This visibility means greater confidence for all parties involved, including banks, making trade finance more straight forward. Suliman S. Al Oufi, General Manager, TALCO, said: “We’re delighted to be the first to trial the use of blockchain in this way. We’ve always been innovative in terms of technology related to our product so it is a natural progression to explore innovation that helps us to trade more efficiently with our key overseas partners. We’re delighted banks like SABB are exploring new ways to take the hassle out of international trade for Saudi companies.” Ali Al-Baqali, Acting CEO – Aluminium Bahrain B.S.C. (Alba), said: “Bahrain is on the go to establish itself as a hub for digital solutions specifically in FinTech arena within the region. At Alba, we don’t see ourselves just as an aluminium supplier but we want to be also recognized for our progression in selling and trading more efficiently through digital platforms with our key partners such as TALCO.” A blockchain is a system in which an immutable record of transactions is maintained across several computers that are linked in a peer-to-peer network. Through decentralised, secure networks, blockchain technology can be the conduit that connects trade partners globally to share data in a scalable way that makes the trade process faster, safer and simpler. It is a one-step process that helps to remove pain points in trade by acting as a catalyst – making trade more attractive and accessible than ever before.
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    Oman Oil, Orpic Group and HSBC Execute First Blockchain Pilot Transaction

    The Oman Oil and Orpic Group and HSBC Bank Oman have successfully executed the first blockchain pilot trade finance transaction in Oman on its 49th National Day at the Group’s main office in Muscat. The blockchain transaction involved the issuance of a fully digitised letter of credit (LC) created on a distributed ledger platform, with HSBC Oman as the advising bank and Oman Oil and Orpic Group as the beneficiary of the LC. The transaction involved the shipment of polypropylene, a thermoplastic polymer used in a wide variety of applications.
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    HSBC, ING execute blockchain-enabled trade finance transaction for RIL

    In a first of its kind, HSBC India and ING Bank Brussels have executed a blockchain enabled, live trade finance transaction with Reliance Industries and Tricon Energy.The blockchain enabled Letter of Credit (LC) transaction facilitated the shipment bet
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    HSBC, StanChart, others launch Hong Kong blockchain trade finance platform

    A new blockchain-based trade finance platform, developed by HSBC, Standard Chartered and 10 other banks, was launched in Hong Kong on Wednesday to boost efficiency in the multi-trillion-dollar funding of international trade.HSBC said on Wednesday the p
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  • HSBC

    HSBC looking into Middle East for next trade finance blockchain trial

    HSBC is looking to carry out its next trade finance blockchain pilot in the Middle East, according to the bank’s regional head of trade.Sunil Veetil, in an interview with GTR, says the Middle East will be the next region of focus for HBSC when expandin
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  • bc-live

    UK’s Blockchain Live to take blockchain to the mainstream

    On September 26th at London Olympia, Europe’s premier event in the blockchain calendar celebrates the latest and greatest in Blockchain, DLT and Smart Contracts. Working with respected affiliates such as the Blockchain Research Institute, techUK and 11
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