Brazil, Hong Kong test cross-border blockchain trade system via Chainlink
Banco Inter, Chainlink, and regulators tested a blockchain pilot connecting Brazil's Drex and Hong Kong's Ensemble networks for cross-border trade settlement.Summary
Brazilian digital bank Banco Inter, in collaboration with Chainlink, the Central Bank of Brazil, and the Hong Kong Monetary Authority (HKMA), successfully completed a pilot for blockchain-based international trade finance. This experiment, part of Phase 2 of Brazil’s Drex CBDC project, simulated the settlement of export transactions by connecting Brazil’s Drex network with Hong Kong’s Ensemble platform, with Chainlink providing the necessary interoperability infrastructure. The pilot demonstrated that automating title transfers and tokenized payments via smart contracts can reduce costs, mitigate risks, and expand international market opportunities for SMEs in the complex area of trade finance. Financial institution Standard Chartered also participated in the trial. Brazil's central bank is developing Drex as an infrastructure project aimed at modernizing the financial system and expanding credit access.
(Source：Cointelegraph)