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HSBC settles forex deals worth $250 billion on blockchain in last year

FILE PHOTO: HSBC’s building in Canary Wharf is seen behind a City of London sign outside Billingsgate Market in London, Britain, August 8, 2018. REUTERS/Hannah McKay

LONDON (Reuters) – HSBC (HSBA.L) has settled $250 billion worth of forex trades using blockchain in the last year, it said on Monday, suggesting the heavily hyped technology is gaining traction in a sector until now hesitant to embrace it.

The bank has settled over three million forex trades and made over 150,000 payments since February using blockchain, it said in a statement. HSBC would not give data on forex trades settled by traditional processes, saying only that those settled by blockchain represented a “small” proportion.

Still, the data marks a significant milestone in the use of blockchain by mainstream finance, which has until now been reluctant to start using the technology at any scale.

Blockchain is a shared database that can process and settle transactions in minutes. Originally conceived to underpin the cryptocurrency bitcoin, the technology does not require third-parties for checks and its entries cannot be changed, making it highly secure.

Banks and other financial firms have invested hundreds of millions of dollars in the technology, hoping it will simplify and slash costs in processes from settlements to payments.

But few banks moved from testing to implementation of blockchain in large-scale projects. Many are worried about high costs, uncertainty over regulation and the risk of disruption to existing systems.

HSBC said its blockchain technology has automated manual processes and reduced its reliance on external technology.

Blockchain has also lowered the risks of errors and delays, cut costs, and helped the bank to better optimize its balance sheet, it said.

Richard Bibbey, the bank’s acting head of forex and commodities, said in a statement the bank was looking at how the technology could help multinational clients better manage forex flows.

Reporting by Tom Wilson, Editing by William Maclean

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The Final Season of 'Game of Thrones' Has a Launch Date

Happy Monday, and welcome to another installment of The Monitor, WIRED’s roundup of the latest in the world of culture. In today’s news, HBO has finally coughed up a release date for the final season of Game of Thrones, Netflix is facing a lawsuit, and it looks like the Super Bowl won’t be marooned without a halftime show act.

Finally, a Date to Watch the Thrones

Always one to keep fans waiting in anticipation, HBO waited until three months out before to announce the launch date for Season 8 of Game of Thrones. Sunday night, just before the season premiere of True Detective, the network aired a teaser revealing that the epic fantasy’s final run will begin on April 14. What will the show look like when it does return? Snowy, as the Stark children—Arya, Sansa, Jon Snow—are about to confront some family demons at Winterfell. Or, at least, that’s what it seems like if the show’s new vague-as-hell-trailer is to be believed. Don’t worry, we’re sure plenty of third cousins you don’t remember will show up as well. And maybe Ed Sheeran.

If You Want to Sue Netflix, Turn to Page Petty-Seven

In “Huh, didn’t see that coming!” news—there’s a lot of that these days, admittedly—Chooseco, the publisher behind the Choose Your Own Adventure books, is suing Netflix over its interactive Black Mirror episode, Bandersnatch. In the interactive episode, a young videogame programmer designs a game based on a “choose your own adventure” book, and the episode itself lets viewers make choices about what the characters will do in the story. Chooseco’s suit claims it has the trademark to the phrase “choose your own adventure” and that Netflix doesn’t have a license to use it. The company is seeking at least $25 million in damages, though it’s also possible that if the judge doesn’t like the way the arguments proceed, she’ll just bang her gavel and restart things from an earlier point.

Hold Up, Is That Adam Levine?!

After Rihanna, Adele, Jay-Z, and others reportedly passed on the gig, the NFL announced Sunday that Maroon 5 will be playing the halftime show at this year’s Super Bowl. The band—along with Big Boi and Travis Scott, who are joining them in hopes of stemming a mass Puppy Bowl exodus—will bring their Jagger-like moves to Atlanta’s Mercedes-Benz Stadium in Atlanta on February 3. And while he’s not part of the proceedings, we can only hope A$AP Ferg is nearby, his long quest at an end.


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Huawei Canada executive leaves post as scrutiny of company grows

NEW YORK/OTTAWA (Reuters) – One of Huawei Canada’s top executives on Friday disclosed he was leaving his post after more than seven years with the Chinese telecommunications equipment maker, which is facing heightened scrutiny over security issues from Canada and its allies.

FILE PHOTO: Huawei Canada Vice President of Corporate Affairs Scott Bradley stands outside after the B.C. Supreme Court bail hearing of Huawei CFO Meng Wanzhou, who was released on a $10 million bail in Vancouver, British Columbia, Canada December 11, 2018. REUTERS/Lindsey Wasson

Scott Bradley disclosed his departure as the company’s senior vice president for corporate affairs in a post on LinkedIn that did not give a reason for the move. He could not immediately be reached for comment.

Huawei Technologies Co is under intense scrutiny in the West over its relationship with the Chinese government and U.S.-led allegations that its equipment could be used by Beijing for spying.

On Friday, sources told Reuters that Poland arrested a Huawei employee and former Polish security official on spying allegations, a move that could fuel Western concerns about the security of the company’s technology.

Bradley was a key public spokesman for Huawei Canada, which has been under the spotlight since Canadian authorities in December arrested the chief financial officer of its parent company at the request of the United States.

Huawei is a major supplier of telecommunications equipment in Canada, where Bradley had served as chair of the 5G Canada Council, a national trade group promoting adoption of next-generation high-speed wireless technology.

The Canadian government last year launched a new security review of Huawei’s 5G technology, which at least two major Canadian carriers have said they plan to test in small-scale pilots.

Bradley will serve as special adviser to the company, assisting the company “as required,” Huawei Canada President Eric Li said in a memo to staff that was obtained by Reuters.

“We are saddened to see him leave but grateful for the tireless work he has put in to help us grow our brand and public image, and build various relationships with government,” Li said.

Bradley confirmed on LinkedIn that he intended to advise the company.

“As we start 2019, it is time for a change,” Bradley said in the post. “I continue to believe passionately in all of the values our Canadian team represents, and I believe that our team is one of the most innovative in the world.”

Jim Finkle in New York and David Ljunggren in Ottawa; Editing by Tom Brown

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