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

Cross-blockchain comms enabler Wormhole lands US$225m

Wormhole, the messaging protocol enabling cross-blockchain communications, has raised a staggering US$225m in new funding

Defaqto: Helping clients ‘make smarter financial decisions’

We look at the life and career of John Milliken, CEO of Defaqto – a company known for issuing star ratings, but with far more going on under the hood…

WorldFirst: Why now is time for SMEs to seek trade in Asia

In this exclusive interview, we speak to VP of Ant Group and WorldFirst CEO Clara Shi, on why now is the time for UK SMEs to trade in new markets

Mastercard webinar: Shaping the Future of Fintech

Financial Services (FinServ)

Embedded finance: Innovating for good

Financial Services (FinServ)

Live today: FinTech LIVE London

Financial Services (FinServ)