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New World Development and Hong Kong Applied Science and Technology Research Institute (ASTRI) will jointly launch a blockchain platform for homebuyers, with the Bank of China apparently the first user form the bank. The news was announced by the local newspaper Standard on February 20th.
The platform would aim to replace administrative operations such as signing the sales contract and interim purchase or applying for a mortgage loan through a digital authorization. This will supposedly allow users to send to some banks an interim agreement authorized, encrypted and digitally signed by the buyer.
The integration of distributed ledger (DLT) technology into the organization's internal processes is expected to reduce the operating costs of banks by 15 to 60 percent, while the platform itself expects to an increase in the number of users.
ASTRI CEO Hugh Chow reportedly said that DLT could reshape real estate market operations, resulting in efficient and flexible badet purchase procedures, while HKMA said […] Ecosystem users to securely share customer information and transaction history across a distributed data infrastructure without compromising customer privacy or sensitive business information. "
Last August, Bank of China – one of the four largest state-owned banks in China – joined the China UnionPay financial services company (CUP) to jointly explore the applications of the blockchain technology to payment systems. As part of this initiative, CUP was to establish a unified port for mobile integrated financial services, where cardholders will be able to use a QR code to spend, transfer and redeem a flash cloud payment application.
In January, China Banking Association (CBA), China's self-regulating banking organization, announced the launch of a blockchain-based platform to improve efficiency in the industry. The project, formerly known as the Interbank Interbank Trading Platform in China, aims to use the blockchain to target trade finance, transactions and other financial services.
China has actively adopted blockchain technology in various sectors. The country's government has recently published the "Guidelines on revitalizing rural financial services". This new framework aims to use emerging technologies such as blockchain to "improve levels of identification, monitoring, early warning and elimination of agricultural credit risks".
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