HSBC banking on blockchain transactions as next growth area

KUALA LUMPUR, HSBC Bank is banking on blockchain transactions for trade as the next potential growth area, in line with the group’s heavy investment to embrace technology.

Asia Pacific Group general manager and regional head of commercial banking, Stuart Tait said blockchain would be a great way to make trade transactions more efficient given its positive features — secure, trusted and a quicker form of transaction — that would boost trade in the future.

We expect to handle more blockchain transactions for trade. It’s a really great area for us to focus on because we handled about 100 million pieces of paper every year just in trade finance and blockchain technology can be used to digitalise the documents.