British bank HSBC is looking for Korean banks interested in a partnership to launch HSBC’s blockchain platform Voltron in South Korea, Korean Times reports. The platform provides a faster way of processing and settling invoices with the use of blockchain. The platform uses "permissioned" blockchain technology. Therefore, the transaction data won’t be shared with everyone, but only with validated participants. It also significantly cuts down the time needed for the whole process.
"The biggest impact would be time. Time and transparency will help companies better manage their cash flow and working capital," said Joshua Kroeker, HSBC's innovation director. "I am here this week to reach out to Korean banks to collaborate on this blockchain platform for letters of credit."
The Voltron platform, officially launched in late 2018, has seven partners at the moment: Bangkok Bank, BNP Paribas, CTBC Holding, ING, NatWest, SEB and Standard Chartered. While still in the pilot stage, Kroeker hopes HSBC will soon launch the platform commercially.