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.
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.
