Wells Fargo and HSBC Expand DLT Solution to Include Offshore Yuan
Wells Fargo & Company (NYSE: WFC) and HSBC Bank plc today announced that the blockchain-based solution they are using for bilateral FX settlements is expanding to include the offshore yuan (CNH).
- Wells Fargo & Company (NYSE: WFC) and HSBC Bank plc today announced that the blockchain-based solution they are using for bilateral FX settlements is expanding to include the offshore yuan (CNH).
- Since launching the shared DLT solution in December 2021, HSBC and Wells Fargo have settled over $200 billion in transactions and plan to add additional currencies over the coming months.
- View the full release here: https://www.businesswire.com/news/home/20221117005149/en/
Vince Hindman, global head of Rates and FX Solutions, Wells Fargo (Photo: Wells Fargo)
We are pleased to expand the capabilities of the platform to include CNH, allowing us to reduce risk in the payment settlement process, said Vince Hindman, global head of Rates and FX Solutions, Wells Fargo Corporate & Investment Bank. - With assets of US$2,985bn at 30 June 2022, HSBC is one of the worlds largest banking and financial services organisations.