Announced by local news outlet the Standard on Feb. 20, the platform will reportedly focus on replacing paperwork operations, like signing the Provisional Sale and Purchase Agreement or a mortgage application with digital authorization. Purportedly the platform will allow users to send the purchaser’s authorized, encrypted and digitally signed provisional agreement to selected banks.
Meanwhile, the HKMA argued that DLT:
One of the four largest state-owned banks in China, Bank of China partnered with financial services corporation China UnionPay (CUP), last August to explore blockchain technology applications for payment systems. Wherein the CUP was to build a unified port for mobile integrated financial services to enable cardholders to use a QR code to spend, transfer and trade on a cloud flash payment app.
While the country maintains its aversion to cryptocurrency, it happily adopts blockchain technology’s other use cases in various sectors. Recently, the country’s government issued the “Guiding Opinions on Rural Service Revitalization of Financial Services.” The new framework aims to use emerging technologies like blockchain to “improve the identification, monitoring, early warning, and disposal levels of agricultural credit risks.”