Banco Inter, Chainlink Power Real-Time CBDC Trade Settlement Between Brazil and Hong Kong

Brazilian financial giant Banco Inter and Chainlink have completed a blockchain-based pilot that enabled the central banks of Brazil and Hong Kong to settle a cross-border trade transaction in real time using digital currencies and smart contracts.

The test was part of Phase 2 of the Central Bank of Brazil’s Drex digital currency initiative, which aims to create a digital version of Brazil’s real. It linked Brazil’s Drex network with Hong Kong’s Ensemble platform, overseen by the Hong Kong Monetary Authority (HKMA).

Chainlink’s infrastructure provided the connection between the two systems, according to a press release shared with CoinDesk, allowing funds and asset records to move across jurisdictions within a single automated workflow.

“By leveraging Chainlink to connect the BCB, the HKMA, and trade finance platforms, we’re building a more connected financial ecosystem that has the ability to underpin the future of global trade,” said Bruno Grossi, Head of Digital Assets at Banco Inter.

The pilot featured both delivery-versus-payment (DvP) and payment-versus-payment (PvP) model tests. These mechanisms allow for the simultaneous transfer of goods and payments, reducing settlement risk.

The system also supported conditional and installment-based payments, such as releasing funds when a specific part of the trade process is confirmed.

Supporting organizations included Standard Chartered, the Global Shipping Business Network (GSBN), and 7COMm. GSBN’s platform handled updates to the electronic bill of lading (eBL) as part of the payment process.

The project is being positioned as a potential foundation for a more inclusive trade finance ecosystem. By removing manual processes and improving coordination across platforms, the solution could reduce costs for banks and exporters, especially smaller firms.

The partners now plan to expand testing to cover additional trade models and connect to more financial institutions.