Around 20 global banks are expected to join the landmark partnership between Singapore and Hong Kong to build a blockchain-powered trade network. This will be the first in the world and one that could cement the two trade hubs’ position as global players. In this context, the newly developed global trade connectivity network (GTCN) could set new global standards for the trillion-dollar industry as the two competitors partner for the first time in a long while. The Monetary Authority of Singapore (MAS) said the GTCN will be rolled out by early 2019. This platform aims to bring about the seamless transfer of digital documents and data. The aim is to cover global trade flows coming through the two main trade hubs in Singapore and Hong Kong. Singapore, which is taking the Asean chairmanship next year, is expected to target Asean, while Hong Kong will take on China.
