HSBC exec: blockchain has cut cost of forex trading by 25%

By Olivia Minnock
An executive at HSBC has praised blockchain technology for helping the company make significant savings. Mark Williamson, COO of FX cash trading and r...

An executive at HSBC has praised blockchain technology for helping the company make significant savings.

Mark Williamson, COO of FX cash trading and risk management at global bank HSBC, has spoken to Reuters about the cost savings the global bank has experienced thanks to the technology.

SEE ALSO:

HSBC’s “FX Everywhere” platform settles foreign exchange trades, processing around 3,500-5,000 transactions per day.

Williamson said HSBC settles billions of dollars of payments every day and that use of blockchain technology has led to costs being reduced by a quarter. He told Reuters: “We’re going at pace now. We’re able to demonstrate that this is not a one-off proof of concept or just one or two trades.”

While just a year or two ago, blockchain was viewed with uncertainty by many organisations, most have now accepted its value and are looking at how it might be monetised. HSBC’s example may well prompt other financial institutions to take a closer look at the ledger technology.

 

 

Share

Featured Articles

Why customer loyalty platforms are more like typewriters

Loyalty programmes are like typewriters, Comarch says. You have the tools to create something great, but you still have to put in the hard yards yourself.

Women in Fintech: Annelyse Fournier, COO of PDX Global

We caught up with Annelyse Fournier, the COO of PDX Global to find out why she entered fintech, what inspires her, and how the industry has changed

Women in Fintech: Sasha Pilch of Fin Capital talks assets

Sahsa Pilch , Principal at Fin Capital, is an expert in asset management. She discusses women in fintech, the economic the downturn and emerging trends

Struggling to scale? Fintech decacorns and the downturn

Banking

Fintech Trailblazer Nikolay Storonsky, Revolut’s dynamic CEO

Banking

How to take your subscription business to the next level

Digital Payments