Today Hong Kong’s Global Shipping Business Network (GSBN) announced the creation of a Trade Finance Advisory Group, joined by HSBC, DBS Bank and Bank of China (Hong Kong). GSBN’s blockchain network aims to eliminate paper documentation in maritime trade processes, starting with Cargo Release, which launched in July.
All three banks are members of Contour, the trade finance blockchain network with which GSBN has already partnered.
The Asian Development Bank previously estimated the trade finance gap at $1.5 billion. But with a V-shaped pandemic recovery, the International Chamber of Commerce estimated an additional gap of at least $1.9 billion.
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