HKEX to Work With ASX on Blockchain

Hong Kong Stock Exchange intends to reduce operational costs with blockchain
21 March 2018   711

The Hong Kong Stock Exchange (HKEX) is actively exploring the possibilities of blockchain technologies for implementation on its site. To this end, the company enlisted the support of the Australian Stock Exchange (ASX), which announced the transition from the current CHESS clearing system to a new solution created on the basis of a distributed ledger, the Financial Times reported.

It is worth noting that after two years of testing, ASX became the first major trading platform, which transferred operations to the blockchain. It is noteworthy that the exchange also became the most profitable among similar sites in 2017 - its income was 77% against 71% for HKEX.

As the publication writes, the executive director of HKEX, Charles Li, said that his site "is interested in using blockage in a number of areas, including lending and over-the-counter trading." In addition, HKEX is now "tightly communicating" with ASX to "understand the essence of their work and exchange information."

It is noted that in the past HKEX has already launched its own project to create a blockchain system for small businesses, but faced a shortage of qualified software developers, which is why the work in this direction was discontinued. However, now the site is faced with the need to reduce its operating costs, which, Li believes, will be reduced with blockchain.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   93

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.