SWIFT Teams Up With Major Banks, SGX to Trial Blockchain Voting
Financial messaging giant Swift has teamed up with Singapore Exchange and several major banks to trial a DLT platform for shareholder voting.
HSBC plans to track $20 billion in private-placement assets on its Digital Vault, allowing investors real-time access to their records.
A new trial will examine if digitalizing fixed income securities with DLT can bring new efficiencies to the Asian markets.
HSBC is using blockchain as opposed to a traditional database because it plans to tokenize the $10B in private placements after it digitizes them.
HSBC has carried out the first blockchain-based letter of credit transaction denominated in Chinese yuan.
HSBC's Jesse Drennan asked the CFTC to make more "positive noise" about distributed ledger tech to spur business adoption.