China and Hong Kong Sign MoU To Create Joint Blockchain Trade Finance Platform

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The Hong Kong Monetary Authority (HKMA) recently announced that a Memorandum of Understanding (MoU) has been signed with the People’s Bank of China (PBoC), to produce a proof-of-concept platform for trade finance. The new platform is expected to go live sometime in the first quarter of next year and will connect both countries’ trade platforms including the Trade Finance Platform for the PBoC, as well as the eTradeConnect from the HKMA.

The HKMA has also said that it is currently conducting a research project in collaboration with the Bank of Thailand, and has been at this since May 2019. Called Project LionRock-Inthanon, the project is aimed at studying Central Bank Digital Currencies (CBDC) and how they can be used to easily facilitate cross-border payments, with a focus on how banks in both Hong Kong and Thailand can take advantage of this. The report will be published sometime in the first quarter of next year.

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