HSBC completes cross-border Rmb-denominated blockchain letter of credit

HSBC completes cross-border Rmb-denominated blockchain letter of credit | Global Trade Review (GTR)

HSBC has completed a cross-border, renminbi (Rmb)-denominated letter of credit blockchain deal, in what the bank says is the world’s first transaction of its kind. In this latest development in the ongoing march towards the digitisation of trade, Hong Kong-based MTC Electronic Co Limited (MTC) exported a shipment of raw materials to its Shenzhen-based parent …