The discussion traces the fascinating evolution of moving money, from the Medici family’s letters of credit in the 14th century to the SWIFT network. We uncover the core problem in global trade: while payments have digitized and accelerated, the document of title—the Bill of Lading—has remained stubbornly on paper, creating a disconnected and inefficient system.
Fiona explains GSBN’s pilot with the Central Bank of Brazil (BCB), and the Hong Kong Monetary Authority (HKMA), Banco Inter and Standard Chartered in which the flow of goods and money is synchronized on blockchain. She details how a farmer in Brazil can now get paid instantly by a buyer in Hong Kong the moment the electronic Bill of Lading (eBL) is transferred, using a novel Delivery-versus-Payment (DvP) mechanism powered by GSBN and Chainlink. This marks a critical step towards making trade finance instantaneous and operational 24/7.
This episode is a must-listen for anyone in trade, logistics, banking, or fintech to understand how blockchain is finally stitching together the fragmented pieces of global commerce.
This episode of The Schelling Point features a conversation with Fiona So, our Senior Technical Product Manager at GSBN. After stints at DBS and HSBC, Fiona shares her journey from being frustrated with archaic trade finance processes to working on the next generation of blockchain-based trade finance applications.