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SWIFT Joins Forces with HSBC and Other Banks to Simplify Shareholder Voting by Utilizing Blockchain

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Wed, 03/06/2019 - 16:34
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  • The trial of the Blockchain-based voting system will be conducted in the Asia Pacific region

Cover image via U.Today
Contents

SWIFT, the world’s leading financial messaging network, has teamed up with HSBC as well as a slew of other banking institutions and the Singapore Exchange (SGX) in order to test a Blockchain-based system of electronic voting. A PoC (proof-of-concept), which will be conducted in the Asia Pacific region, will help determine whether Blockchain is a viable alternative to the paper-based process.

The pain points of proxy voting

Apart from increasing the efficiency of shareholder voting, Blockchain will also increase its transparency. The paper-voting process is prone to many errors. On top of that, SWIFT’s Lisa O’Connor claims that the disruptive technology will allow more shareholders to express their rights, thus increasing the level of participation.

HSBC’s Tony Lewis claims that the company has the potential to revolutionize the security services in Singapore. All the aforementioned partners will use the SWIFT network to test the applicability of the DLT solution.   

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SWIFT’s bet on Blockchain

The financial messaging service, which connects the world’s leading banks, has been already moving its Blockchain pieces for quite a while on the cusp of a big game. SWIFT announced its partnership with Blockchain startup R3 on Jan. 30.

Ripple, one of the biggest cryptocurrency companies that focuses on cross-border payments, poses a major threat to SWIFT. However, as reported by U.Today, Ripple CEO Brad Garlinghouse earlier claimed that a partnership with SWIFT could be already in the pipeline.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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