Hong Kong creates a system of trade Finance with the use of DLT

Management of monetary circulation of Hong Kong (HKMA), in fact, the Central Bank of the city, has signed a partnership agreement in the field of Finance with the Office for the supervision of financial services (FSRA) of the free economic zone in Abu Dhabi to develop a system of trade financing, which will be built using technology of distributed registries (DLT).

According to FSRA and the HKMA signed a bilateral agreement, the work will be carried out in several directions, focused on the innovative use of technology of distributed registries in trade Finance.

«We are pleased to announce that it has initiated negotiations with FSRA about the creation of the international network of trade Finance with the use of technology of distributed registers», — said the chief employee of the HKMA on issues of financial technologies Nelson Chow (Chow Nelson).

While not reported, what kind of platform is going to use the HKMA in collaboration with the FSRA. However, most likely will be a modified system of Hong Kong Trade Finance Platform — experimental joint project of the HKMA and the Monetary authority of Singapore (MAS). The sides were testing the platform since last year. Then the project was joined by more than 20 major banks and financial institutions.

This collaboration with Abu Dhabi HKMA plans to strengthen working relationships of the city with the UAE. In September 2017, the Commission on securities and futures (SFC) of Hong Kong has already signed a similar agreement with the Office for financial services, Dubai (DFSA).

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