HSBC SG unveils blockchain workflow solution for property developers

It enables developers to fully automate their payments and digitalise their workflows.

HSBC has successfully piloted a blockchain based solution enabling property developers to automate payments to suppliers and vendors, the first of its kind in Singapore.

Property Enterprises Development– who jointly developed One Raffles Quay and Marina Bay Financial Centre– took part in the pilot transaction.

HSBC’s new workflow and payments solution enabled real estate businesses to digitalise workflow tracking processes, enabling automation of payments release. This is expected to improve operational efficiency, governance, and transparency, as well as reduce the overall project turnaround time, the bank said in a press statement.

Winnie Yap, head of global payments solutions for HSBC Singapore, said that the pilot comes at a time when Singapore is moving towards fully retiring cheques.

“Programmability in payments will help the industry in a variety of use cases in the real estate space and potentially for other complex infrastructure developments,” Yap said.