Standard Chartered Bank announced the successful completion of its first cross-blockchain pilot transactions between Hong Kong and Mainland China. The transaction was carried out between the eTradeConnect platform in Hong Kong and the People’s Bank of China Trade Finance Platform (PBCTFP) in Mainland China. The Chinese central bank previously said it would trial its digital yuan central bank digital currency (CBDC) for exactly this scenario, but no mention of the digital yuan was made.
Standard Chartered is one of the seven banks testing cross-border blockchain transactions between eTradeConnect and PBCTFP. ICBC, Bank of China, and Bank of Communications and their respective Hong Kong subsidiaries also participated in the blockchain interoperability pilot. The blockchain solution aims to make cross-border trade more efficient and secure.
“The Proof-of-Concept trial (PoC) that connects eTradeConnect and the PBCTFP aims to provide importers and exporters in both places with more convenient trade finance services,” said Mr. Colin Pou, Executive Director of Hong Kong’s Monetary Authority. The organization hopes that more banks will join the project in the next phase of development.
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