Hong Kong banking authority to launch blockchain platform
It will start operating in August and will group more than 21 banks
The Hong Kong Monetary Authority announced the forthcoming launch of a multi-bank platform supported by blockchain technology. They expect it to start operating next August and it is expected to bring together some 21 associated banks.
The platform is the result of joint work between the Hong Kong Monetary Authority and the fintech subsidiary OneConnect of the Chinese company Ping An Group.
Spokespersons of the main regulatory entity of the Asian country indicated that with this platform they pursue the optimization of the regional financial system, by streamlining various procedures that currently generate restrictions, such as attracting new customers and opening accounts.
Speed is a key aspect in the processing of data as well as the verification of credentials. With the blockchain platform they will also be able to control and reduce the labor involved in such processes.
Bureaucratic tasks that previously took fifteen days may be accelerated to 24 hours. This is an example of the speed that banks that get associated with the platform will reach.
M.Pino
Source: Cryptoinforme
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