London-based banking giant HSBC has revealed its blockchain-powered platform cut costs for forex trade settlement by a quarter.
HSBC News
HSBC is a British multinational financial services company founded in British Hong Kong in 1865 by Thomas Sutherland. HSBC bank is currently one of the largest banks in terms of revenue, total assets and operating income. Some of the major subsidiaries of HSBC are HSBC Bank USA, HSBC Bank PLC, The Hongkong and Shanghai Banking Corporation Limited, and HSBC Japan. HSBC mostly specializes in commercial banking, investment banking, wealth management and global private banking. HSBC was a part of numerous money laundering investigations by the U.K., U.S. and international authorities. The company was also a part of a foreign exchange (forex) scandal and London Interbank Offered Rate (LIBOR) scandal, both of which resulted with fines in favor of the authorities. However, HSBC Bank remains one of the most influential and robust international financial services in Europe and in the world.
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HSBC has been operating blockchain-based forex payments for just ten months but has seen huge growth.
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by Helen Partz
HSBC India and India’s holding giant Reliance Industries have completed a joint blockchain-enabled trade finance transaction.
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A new blockchain trade finance platform developed by a dozen banks, among them HSBC, BNP Paribas, and Standard Chartered, launched Oct. 31 in Hong Kong.
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Money 20/20: blockchain and central bank digital currencies represent a “great challenge” to existing real-time gross settlement systems, says HSBC exec.
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Twenty businesses and five banks have piloted trades on European blockchain platform we.trade.
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HSBC has successfully used blockchain to ship soybeans for US giant Cargill in a reported ‘first’ for the industry.
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by Nick Ayton
How Blockchain can completely eliminate fraud, money laundering and criminal activity from financial and banking systems - Part 1.
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