Blockchain's first trade financing between two banks saved its customer days on paper processing, as an LC was transferred between the Commonwealth Bank of Australia and Wells Fargo.
*Chongqing and Singapore to seal deals worth $1.6 bln under third X-border initiative
*Indonesia eyes CCP establishment for derivatives by 2018
*China eases FTZ investment rules
*Safe lifts time restrictions on converting renminbi
*Malaysia and Australia combine for fintech
*Malaysia introduces new method for USD/MYR spot fixing
*FASB announces accounting rule update
The percentage of Asia-Pacific companies reporting late payment issues remained high in 2015, and the situation isn’t expected to get better, with China proving a special concern.
The trade cycle is paper dependent, cumbersome and expensive, but many tout the emergence of blockchain as the saviour. Given that many solutions already exist that can perform similar functions, CT investigates ...