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Blockchain Revolution Series: Is HSBC Eyeing on Blockchain For Digital Accounts Receivable Tool (DART)?
It is quite known that Fintech has been one of the swiftly growing sectors. Fintech gamut symbolizes the progressive enterprises that leverage cutting edge technology to bring-in friendly financial products and solutions that are quite far more agile and pioneering compared to traditional financial institutions.
With that said, HSBC intends to improve the supply chain, automate banking operations and enhance working capital efficiency for sellers with its industry-first Digital Accounts Receivables Tool (DART).
HSBC DART's tokenization technology was developed for the Global Liquidity and Cash Management (GLCM) business of HSBC, under phase one of its existing 2017 Global Framework Agreement.
The global banking giant HSBC has always been fond of blockchain technology and already clarified back in May’2108 as to how the world’s first commercially viable blockchain trade finance transaction on the Corda platform was successfully executed, that was developed by the R3 blockchain consortium. Later on, other banking players, such as Deutsche Bank and Rabobank also teamed up to launch a trade finance platform.
For now, the new tool has been designed and developed capitalizing on tokenization technology from Australian fintech start-up Identitii.
Nicholas Soo, the Payment Products Head of HSBC’s Asia-Pacific branch, stated that the tool most likely to assist addressing a predominant loophole in accounts receivables by "digitizing the client experience and creating an ecosystem where our clients and their customers connect to improve efficiency through the secure exchange of information.”
As the cryptocurrencies have resumed their bullish streaks amid the mixed bag of turbulence between constructive and adverse news. We would like to reiterate that the lingering prospects among the Blockchain/FinTech space have led the keen interest continues to mount everywhere, reputed institutions from Big 4 auditing firms to the central banks of advanced economies have been investing into R&D projects of blockchain and cryptocurrency gamut.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 85 levels (which is bullish), USD is at -133 (highly bearish) while articulating (at 05:44 GMT).
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