Analysts have been categorizing blockchain projects worldwide into a “periodic table” that allows for a granular analysis of the technology’s inroads into global trade. The World Trade Organization and Trade Finance Global have published their latest taxonomy of blockchain projects in international trade, arranged into what they present as a “periodic table” for the industry. […]
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A major global blockchain trade network welcomes one of Russia’s largest banks. Alfa-Bank, one of the largest private commercial banks in Russia, has joined a blockchain trade finance network backed by HSBC. According to an official announcement on Nov. 3, Alfa-Bank is the first Russian bank to become a member of Contour — a blockchain […]
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HSBC Bangladesh has completed the country’s first blockchain-powered cross-border trade settled using a letter of credit. The Bangladesh branch of global banking firm HSBC has conducted the country’s first blockchain-based letter of credit (LC) transaction on the Contour DLT platform. The transaction was used to settle the importation of 20,000 tonnes of fuel oil from […]
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Despite its centralized design, JPM Coin’s real life utilization represents a step toward the mainstream adoption of blockchain technology. On the heels of PayPal announcing its decision to enter the crypto sector early next year, Bitcoin (BTC) has continued its strong performance and has been hovering around the $13,500 mark for nearly a week now. […]
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Amid the pandemic, blockchain is alleviating the pressure in China’s petrochemical trade. One of China’s largest chemical producers has launched a new Blockchain Warehouse Receipt Platform to help the industry combat the rising costs of operations and trade financing. An increased demand for more environmental and safety measures amid the pandemic has further driven costs […]
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DBS and Standard Chartered will soon launch a trade finance platform for central banks worldwide. The Singapore-based multinational banking entity DBS and Standard Chartered have completed the proof-of-oncept of their blockchain trade finance platform called the Trade Finance Registry. The two entities developed the PoC in collaboration with 12 other banks on top of the […]
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The Swiss arm of Russia’s largest bank is exploring blockchain-based trade finance. A subsidiary of Russia’s largest bank, Sberbank, has joined a blockchain-based platform for commodity trade finance. Sberbank Switzerland AG has signed an agreement with Swiss trade finance platform Komgo to apply its blockchain-powered trade finance service. Representatives from Sberbank Switzerland AG told Cointelegraph […]
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Blockchain can help the trade finance industry prevent billion-dollar scandals and ease trade financing, says expert. The pressure induced by the ongoing economic crisis, obsolete trade finance systems and mounting geopolitical tensions is pushing the international trade finance industry down a rabbit hole. To add to the already critical situation, recent trade finance scandals involving […]
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The United Arab Emirates is debuting a blockchain-based Know Your Customer, or KYC, platform. This platform is set to become a nationwide system for exchanging verified customer data. Dubai’s Department of Economic Development, or DED, and state-run bank Emirates NBD are rolling out their so-called UAE KYC Blockchain Platform. 120 local firms already signed up […]
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Southeast Asia’s relations with open finance and emerging technologies have become more prominent during the COVID-19 pandemic. As the COVID-19 pandemic swept across the globe, history seemingly repeated itself as familiar public health strategies were gradually implemented from one jurisdiction to the next. From recommendations of social distancing to lockdowns, such measures have disrupted even […]
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