Blockchain for trade finance

21 May 2021

At HSBC, we aim to connect the world through trade finance, helping business, people and the planet to thrive. As the world’s No.1 trade bank*, our global trade solutions can help clients to trade with confidence and finance their business.

Global trade is by its nature decentralised and blockchain technology is well-suited to joining up disparate partners across the trade ecosystem. We are focusing on using it for the vital, previously paper-driven process for letters of credit, which are documents guaranteeing that a seller will be paid, and other documents including invoices, packing lists and bills of lading. Blockchain technology offers a fast and secure alternative, which is helping reduce letters of credit processing time from between five and 10 days to a matter of hours.

HSBC is one of the founding members of the Contour platform, which enables the end-to-end digitisation of trade finance, offering greater speed, simplicity and working capital efficiency to clients. We have been instrumental in developing the technology and rulebook governing its use.

*Euromoney 2021 Trade Finance Survey

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