HSBC Singapore has piloted an automated blockchain-based payments platform for property developers, according to a release dated Sept 28.
This pilot was implemented for Property Enterprises Development, which is a joint developer of projects such as One Raffles Quay, and Marina Bay Financial Centre. It is also a member of CK Asset Group, one of the largest property developers in Hong Kong.
The platform employs HSBC’s patented blockchain technology that allows real estate businesses to digitalise workflow tracking processes, thereby enabling the automation of payments release. It aims to improve operational efficiency, governance and transparency, and eventually reduce the turnaround time of a project.
Lewis Sun, global head of domestic and emerging payments, global payments solutions at HSBC says that the bank is excited to leverage its proprietary technology to support faster and more automated payments processing via off chain banking rails, while mitigating risks for financial transactions on chain.
“This pilot comes at an opportune time where the Singapore market is moving towards the full retirement of cheques as a payment instrument,” says Winnie Yap, head of global payments solutions, HSBC Singapore. “Programmability in payments will help the industry in a variety of use cases in the real estate space and potentially for other complex infrastructure developments.”
“This platform is a significant step towards harnessing technology to establish control and transparency needed to strengthen relationships, increase efficiency and mitigate risks in the real estate ecosystem,” says Louis Leung, director of Property Enterprises Development.
