The Hong Kong Monetary Authority (HKMA) and seven banks of Hong Kong, including HSBC and Standard Chartered, will start up a trade finance platform using blockchain Technology that underpins digital currencies such as bitcoin.
The platform will be launch in September 2018 and will become one of the largest examples for cross-bank effort to reform the multi-billion-dollar sector. It is expected that the blockchain project will minimize the amount of paperwork and time needed, especially for international trade, and allow banks to serve new and current clients more effectively.
The HKMA also said that the next major step is to connect to other trade platforms in other jurisdictions for further cooperation in cross-border trade.
Meantime, the Companies Registry of Hong Kong announced that the total number of local companies registered reached 1,407,743 at the end of June 2018.
In the first half of 2018 were registered 85,449 local companies among which 30,447 were incorporated online using the e-Registry. As for non-Hong Kong companies there were established 592 companies in the first half of the year and by the end of June the total number of non-Hong Kong companies reached 10,755.
From March 1, 2018 all companies incorporated in Hong Kong are required to maintain up-to-date beneficial ownership information by keeping a Significant Controllers Register.
Also a new licensing regime has been introduced. Regime requires trust or company service providers to apply for a license from the Registrar of Companies before they will provide services in Hong Kong.
