Hong Kong Exchanges and Clearing Limited Launches Blockchain-Based Settlement Platform
Hong Kong Exchanges and Clearing Limited (HKEX), a publicly traded market operator, is set to launch a blockchain-based settlement platform called HKEX Synapse. The platform aims to enhance operational efficiencies, reduce settlement risks, and improve transparency by utilizing smart contracts in post-trade workflows. HKEX Synapse is part of Stock Connect, a market access program that connects markets in Hong Kong and mainland China.
According to a release, HKEX Synapse will be launched on October 9th. Glenda So, HKEX Group Head of Emerging Business and FIC, expressed excitement about the launch, stating that it will not only improve post-trade efficiencies but also contribute to the growth of both the market and investors.
Boosting Operational Efficiencies
The use of smart contract language DAML allows HKEX Synapse to synchronize data across blockchains and centralized databases. This technology-empowered platform aims to create a stronger ecosystem that supports market growth and investor strategies over time.
Hot Take: HKEX Enhances Market Connectivity with Blockchain-Based Settlement Platform
Hong Kong Exchanges and Clearing Limited’s launch of the HKEX Synapse blockchain-based settlement platform is a significant step towards boosting operational efficiencies and increasing transparency in post-trade workflows. By leveraging smart contracts and the DAML language, this platform aims to create a better ecosystem for international participation in Mainland China’s equity markets. With its potential to enhance market growth and support investor strategies, HKEX Synapse positions itself as an innovative solution in the world of financial markets.
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