Singapore, Hong Kong bring blockchain to cross-border trade finance
Letters of credit may be a necessary evil that prolongs the trade process, but financial regulators in the two cities are pushing blockchain as a way to solve an old problem.
The Hong Kong Monetary Authority (HKMA) and its counterpart in Singapore, the Monetary Authority of Singapore (MAS), are to work together to bring distributed ledger technology (DLT) into cross-border trade finance.
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