HSBC Towards to Blockchain Trade Platform, Alibaba’s Blockchain ambition was found in Singles’ Festival, Ex-PBoC Governor insists IMF should control Libra.
HSBC, SGX, and Temasek Teamed up, to Build a Blockchain Fixed income security platform
According to the report issued on Nov 13th, Global financial giant HSBC will collaborate with Singapore Exchange (SGX) and state-owned investment firm Temasek to research and develop a blockchain platform for issuing fixed-income securities.
HSBC has announced the official announcement on Nov 13, the collaboration focuses on the end-to-end Asian bond market and aims to streamline the bond issuance process and reduce unnecessary costs by applying tokenized securities and smart contracts.
HSBC pointed out that as the fixed income market in Asia continues to grow, the process of issuing bonds and service has been quite inefficient. HSBC also added the main reason of inefficiency is due to the lack of a single platform for the exchange of information between the various parties and the lack of tracking tools in the life of the bond.
Alibaba: “Blockchain Boosted Revenue of Double 11, Singles’ Day in Various way.”
The Singles’ Festival in China just has been passed. According to the official report by Alibaba, It hits another record high on Singles’ Festival, they sold worth 268 billion yuan, or $38.4 billion.
Alibaba, which led the event, said it has built a blockchain-based tracking system on 400 million imported products to improve customer confidence in transactions, and definitely Blockchain technology boosted their sales profit and their credibility.
Zhang Guo Pei, vice president of Alibaba financial subsidiary Ant Financial, said, “This year, the blockchain was used in various ways, including genuine tracking, IP protection, small business loan service, and international transactions.”
According to Zhang, 400 million overseas products from about 100 countries this year received a blockchain Identification, more than 2.7 times increased from last year. Since each product has its own ID, trust and credibility were naturally established.
Alibaba also issued blockchain identity verification to tens of thousands of small businesses, the so-called ‘passes’. It takes only 5 minutes from application to issue. If you have a pass, you can sell across the platform. In the blockchain financing sector, 30,000 small and medium-sized businesses get loans through the ‘Xianliantong’ (blockchain-based supply chain collaboration network).
Alipay, a mobile payment system powered by Alibaba uses blockchain as well to help SMEs borrow 1 billion yuan during the festival.
Ex-PBOC, Zhou Xiaochuan: ”IMF Can Control Libra, rather than Facebook.”
Former governor of the People’s Bank of China, Zhou Xiaochuan, argued that Facebook’s Libra Stablecoin would be easier to trust if it will be in the hands of a traditional institution such as the International Monetary Fund.
Former President Zhou served at People’s Bank, China’s central bank, from 2002 to 2018.
According to the Tweet of Dobi Wan, founder of blockchain investment firm Primitive Ventures, Zhou gave the speech at the 10th Caisin Summit in Beijing on November 8.
At the event, Former Governor of the People’s Bank of China Zhou reveals the concerns of governments and regulators surrounding Libra, a cryptocurrency asset managed by an association of private companies like Facebook. Mr.zhou also mentioned that the general public would have doubts about the motives for establishing the Libra Association.
In the past, He also said the Libra Association will make significant profits from the project and could potentially reinvest it in sectors such as other financial services. Zhou also claimed that the Libra project can be one of the positive developments in the Blockchain industry.