Hong Kong and banks including HSBC and Standard Chartered are launching a blockchain-based trade finance platform

REUTERS/Bobby Yip

• Hong Kong's banking regulator and seven banks, including HSBC and Standard Chartered, will jointly launch a trade finance platform in September.
• The sector is often described as one of the most manual and paper-orientated parts of the financial services industry.
• Market participants hope emerging technology, including blockchain, will allow them to serve more clients while also serving existing clients more effectively.

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HONG KONG (Reuters) - Hong Kong's banking regulator and seven banks, including HSBC and Standard Chartered, on Tuesday said they will jointly launch a trade finance platform in September using blockchain technology.

The platform will be one of the largest examples globally of a government-led, cross-bank effort to reform the multi-billion dollar trade finance sector using the distributed ledger technology that underpins digital currencies such as bitcoin.

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