Global Banking Giant HSBC Launches Tokenization-Based Receivables System for India

HSBC has deployed tokenization tech in its receivables infrastructure for corporate clients in India. Major global banking group HSBC has implemented tokenization technology into its receivables infrastructure for corporate clients in India, according to an announcement on June 18.The British multinational financial services company has reportedly launched its Digital Accounts Receivable Tool (HSBC DART), based on tokenization technology developed by Australian blockchain-powered Fintech company Identitii Ltd., the firm said in the announcement.According to the statement, HSBC DART was developed for HSBC’s Global Liquidity and Cash Management (GLCM) business and deploys Identitii’s approach to tokenization within HSBC’s existing infrastructure of receivables to enhance involved processes.The instrument is designed to automate the accounts receivable (AR) process for HSBC’s corporate customers and their network of buyers, enabling a secure communication layer between network participants and reducing manual work such as invoice payments documentation.…

Korea’s Oldest Bank Launches National Blockchain-Based Loan Platform

Shinhan Bank introduced its blockchain-powered lending platform, allowing clients to get loans without face-to-face interaction. Korea’s oldest bank, Shinhan Bank, has launched a blockchain-enabled lending platform to speed up the loan process, South Korean news agency Yonhap reports on May 27.Shinhan Bank’s blockchain-powered loan system intends to boost cost and time efficiencies in the lending process, reportedly enabling the public to apply for loans online and get their credits without face-to-face interaction.According to the report, the new system is the first initiative of its kind introduced in South Korea.Specifically, Shinhan Bank’s new lending system applies blockchain technology in the verification and confirmation processes within the network of affiliated institutions and banks.…