One of the largest financial conglomerates of the world, HSBC Holdings, held the world's first commercial finance transaction based on the blockchain technology. HSBC reported that it, together with ING, successfully completed the transaction for the agricultural group Cargill. The use of blockchain technology in the banking industry can reduce the risk of fraud with letters of credit and reduce the number of steps required to perform transactions. As explained by the head of innovation division at HSBC, Vivek Ramachadran, letters of credit are used to reduce the risk between importers and exporters, which helps guarantee transactions of more than $2 trillion. At the same time, the process for exchange of documentation takes 5-10 days. The time spent is reduced by 44%, and expenses - by 31%.
Renault SA (RENA.PA) announced on Monday that its global car sales fell by 34.9% in the first half of the year due to the impact of the coronavirus pandemic. However, the company said that it had seen some signs of recovery in June. The French ...
Singapore said on Monday it is ready to release its developed blockchain-based payments network that would pave the way for faster and cheaper international settlements. The Monetary Authority of Singapore joined forces with state investor ...
On Monday, world shares edged towards a five-month high and the U.S. dollar decreased in late trading as investors anticipated that the earnings season would see most companies beat revenue forecasts in light of the lifted coronavirus restrictions. The ...
American multinational automaker Ford Motor Co. (F.N) announced on Thursday that its vehicle sales increased by 3% from April to June in mainland China. It would be the first time that the company's first quarterly sales rose in the world's ...
British multinational investment bank HSBC saw its shares slump as low as 3% on Wednesday as the U.S. contemplates measures to sanction banks in the city, as well as de-pegging the Dollar from the Hong Kong Dollar. HSBC shares fell by 2.72% ...