HSBC
Basics
- Based in London
- From Forbes Blockchain 50 (19-2-2020):
"HSBC has conducted one million foreign exchange trades totaling $1.2 trillion on its FX Everywhere platform built using a modified version of ethereum. Another HSBC endeavor, Contour, is a blockchain that provides letters of credit to global exporters whose ships sometimes travel faster than the loan paperwork, resulting in long waits in port. Contour uses blockchain software Corda to connect buyers, sellers and trade finance banks to a single shared ledger. Of the 14 letters of credit so far issued on the platform, totaling $30 million, the most recent was issued in November 2019, when HSBC issued a letter to Romania-based Kingfisher for a shipment of sliding shower doors from China’s Zhong Shan Neptum. In a separate project, the company plans to move $20 billion in securities to its Digital Vault, also built on Corda, cutting out brokers and connecting investors directly to private market assets."
- From Forbes Blockchain 50 (2-2-2021):
"The British bank is using blockchain to increase the efficiency of foreign-exchange flows among its global branches. Since 2018, 1.9 million trades with a nominal value of $1.7 trillion have been settled on its ledger."
Tech
- Will use (19-2-2020): Ethereum, Corda and Hyperledger Fabric. Update (2-2-2021): Quorum, Corda, Ethereum, Hyperledger Fabric, OneConnect
Projects
- From Cointelegraph (2-2023):
"One collaboration [between The Sandbox and] was with the HSBC banking group to offer educational finance games in the metaverse."
Pros and Cons
Team, investors, Partners
Team
- Key Executive: Joshua Kroeker, blockchain lead, growth and innovation
- Mark Williamson, global head of FX Everywhere (2020 & 2021)
- Stuart Levey; CEO. From Forbes (6-5-2020): "Mr. Levey is currently serving as Chief Legal Officer of HSBC. Mr. Levey will step down from his role at HSBC and join the Libra Association later this summer."
- Key leaders: Vinay Mendonca, global head of product and proposition management, global trade and receivables finance (2021)
