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HSBC Holdings (0005.HK) said on Tuesday that it had completed its first renminbi-denominated letter of credit (credit) transaction based on block-chain technology.
This is the first time that RMB has been used in such transactions, marking a new step in the application of Voltron trading and financing platform. The platform is jointly developed by eight banks, including BNPP. PA, Standard Chartered Bank (STAN. L) and HSBC Holdings.
So far, transactions using the platform have been mostly pilot cases, but Ajay Sharma, a regional head of HSBC, said that development of the platform is progressing and that it is expected to launch a complete trading service to provide a commercially acceptable model for the banking industry.
"Obviously, we want to use this technology to reduce the unit cost of transactions, along with other benefits, such as speed."
HSBC cited data from the World Bank Finance and Telecommunications Association (SWIFT) that 1.2 million import and export letters of credit involving $750 billion were opened in China in 2018 alone. A letter of credit is a document issued by a bank to guarantee payment by the buyer to the seller.
This transaction involves the export of LCD parts and panels from MTC Electronic in Hong Kong to its parent company, Shenzhen Zhaochi (002429.SZ). The headquarters of Zhaochi is not in Hong Kong.
HSBC said the exchange of electronic documents would be completed within 24 hours, whereas the traditional exchange of documents usually takes five to 10 days.

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