Fintech

BAML and HSBC partner with Singapore for blockchain test

The consortium has developed a prototype to replicate a letter of credit transaction using distributed-ledger technology

BAML and HSBC partner with Singapore for blockchain test

Bank of America Merrill Lynch and HSBC have teamed up with a Singapore government agency to develop a blockchain-based trade finance application, as capital market firms speed up efforts to bring distributed-ledger technology into use.

The technology experiment was announced by the banks and the Infocomm Development Authority of Singapore in a statement on August 10. Financial News reported in March that Baml was developing a blockchain-based test for trade finance transactions.

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