A few years ago, Sameer Sehgal, the new CEO of trade finance firm Traydstream, said he probably wouldn’t have agreed that banks are playing a role in the innovation of the industry. But trade finance is the target for massive disruption thanks to technologies like...
Eleven FI members of the R3 platform consortium have announced the next step in using the distributed ledger technology for trade finance. The banks announced news on Monday (Aug. 7) that they have developed a prototype application on R3’s blockchain platform, Corda, that aims to...
With so many consortia and internal development teams in play, it’s difficult to assess global banks’ progress on blockchain. But analysts assure progress is being made. Last year, IBM released surveys of 400 financial institutions across the globe to examine exactly how they’re positioned in...
Once again, Eddie Lampert, CEO of Sears, is opening up his own wallet to give the struggling retailers a $200 million boost. According to Bloomberg, Lampert has offered the company a $200 million letter of credit through affiliates of his firm, ESL Investments. The move...
September 02, 2019
HSBC has issued its first yuan blockchain-based letter of credit transaction, Reuters reported. The move is significant progress in the use of the Voltron trade finance platform, which was developed by eight banks, including HSBC, BNP Paribas and Standard Chartered. While the platform has predominately been used in individual pilot cases, Ajay Sharma, HSBC’s regional […]
