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Deloitte hosts seminar on DLT in trade finance
On 2 October, more than 100 participants joined Deloitte's Blockchain and the Transformation of Trade Finance Seminar to hear about the latest developments in Distributed Ledger Technology (DLT) for trade finance and the key factors that will drive its increasing use.
Speakers and participants agreed that cooperation and cross-industry collaboration are essential to unlocking the benefits of adopting DLT in trade finance, including greater transparency, sharply reduced need for paper records, faster processing and more efficient service.
To be launched by major local banks, Hong Kong's new blockchain-based trade finance platform is a shining example of cooperation among multiple organizations.
The event kicked off with opening addresses from Deloitte China Southern Region Managing Partner Dennis Chow and HKMA Deputy Chief Executive Howard Lee.
Deloitte Asia Pacific Blockchain Lab leader Dr Paul Sin explained how the trade finance sector is utilizing DLT, and HKMA Chief Fintech Officer Nelson Chow then took to the stage to highlight the key initiatives HKMA has taken to support the development of fintech in Hong Kong.
The seminar culminated in a panel discussion exploring what it will take to support and advance blockchain adoption in Hong Kong and beyond. Moderated by Dr Paul Sin, the discussion also featured ANZ Greater China and North Asia Head of Trade and Supply Chain Vivek Gupta, HSBC's blockchain lead in Global Commercial Banking Growth and Innovation, Joshua Kroeker, and Standard Chartered Bank Greater China and North Asia Regional Head of Trade Biswajyoti Upadhyay.