HSBC Bank, one of the largest financial conglomerates in the world, has announced the completion of its first RMB letter of credit transaction on the Voltron blockchain platform.
It is reported that as part of the deal, Hong Kong-based MTC Electronics exported a batch of LCD screens to its parent company Shenzhen MTC. Thanks to the use of blockchain, the participants in the transaction were able to exchange all the necessary electronic documents in just 24 hours, while usually these operations take from 5 to 10 days.
“We hope that the system will be launched by the end of this year or early next. You need to ask Voltron how much these transactions cost. Perhaps other banks that are currently observing will also be able to make a decision, ”said Ajay Sharma, Head of Global Trade Finance and Receivables for Asia Pacific at HSBC.
Recall that in May this year, a pilot test of the Voltron platform took place, in which more than 50 banks and corporations took part. Test participants emphasized the speed of the platform and its capabilities in the fight against fraud.
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