Sunday, 22 December 2024
HSBC pilots blockchain-based payments platform in Singapore for property developers
HSBC Singapore announced the successful pilot of the first blockchain-based solution in the market which enables property developers to simplify and automate payments to suppliers and vendors for major real estate developments.
The pilot transaction was implemented for a major property developer, Property Enterprises Development, which was a joint developer of landmark projects, such as One Raffles Quay and Marina Bay Financial Centre, and a member of CK Asset Group, one of the largest property developers in Hong Kong.
Lewis Sun, global head of domestic and emerging payments, global payments solutions, HSBC said: “We are excited to launch this milestone project in the emerging payments space where we are leveraging our proprietary blockchain payment tool to support faster and more automated payments processing via off-chain banking rails mitigating risks for financial transactions on chain.”
Louis Leung, director of Property Enterprises Development said: “This platform is a significant step towards harnessing technology to establish control and transparency needed to strengthen relationships, increase efficiency and mitigate risks in the real estate ecosystem.”
Winnie Yap, head of global payments solutions at HSBC Singapore, added: “This pilot comes at an opportune time where the Singapore market is moving towards the full retirement of cheques as a payment instrument. Programmability in payments will help the industry in a variety of use cases in the real estate space and potentially for other complex infrastructure developments.”
Re-disseminated by The Asian Banker
