Hong Kong and Singapore issue RFP for cross-border blockchain project

The project aims to digitalise trade between the two cities.

Hong Kong Trade Finance Platform Company Limited and the Association of Banks in Singapore announced the issuance of a request for proposal (RFP) for interested service providers in its cross-border blockchain project, Global Trade Connectivity Network.

According to a press release, the GTCN is a cross-border infrastructure based on distributed ledger technology that seeks to digitalise trade and trade fiannces between the two territories. 

It is also strategic joint project earlier announced by the Hong Kong Monetary Authority and the Monetary Authority of Singapore last November.

Serviced providers who express interest to build and operate the GTCN must first pass requirements including technical expertise and managerial experience.