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Brazil and Hong Kong Link CBDC Networks in Cross-Border Blockchain Pilot Using Chainlink
- Banco Inter, Chainlink, and central banks of Brazil and Hong Kong completed a blockchain pilot connecting Drex and Ensemble for cross-border trade settlements.
- The pilot tested real-time settlement using DvP and PvP models, conditional payments, and automated asset updates to reduce risk and costs for SMEs.
- Partners plan to expand the pilot to more trade models and financial institutions, highlighting Drex’s role in modernising Brazil’s financial infrastructure.
Brazilian digital bank Banco Inter has completed a blockchain-based cross-border trade finance pilot. The project was conducted in partnership with Chainlink, the Central Bank of Brazil (BCB), and the Hong Kong Monetary Authority (HKMA), linking Brazil’s Drex CBDC network with Hong Kong’s Ensemble platform. Conducted under Phase 2 of Brazil’s Drex project, the initiative tested real-time settlement of export transactions between the two systems.
The experiment used Chainlink’s interoperability infrastructure to establish communication between the networks, enabling automated fund transfers and synchronised updates to asset records across jurisdictions.
The test involved both delivery-versus-payment (DvP) and payment-versus-payment (PvP) models to ensure simultaneous exchange of goods and payments, reducing counterparty and settlement risk. It also supported conditional and instalment-based payments, allowing funds to be released only when specific trade milestones were verified.
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Building an Interconnected Ecosystem
Banco Inter said the platform’s design – supporting tokenised payments and smart contract-based title transfers – helps lower operational costs, reduce risks, and expand international trade access for small and medium-sized enterprises. Financial institutions including Standard Chartered, the Global Shipping Business Network (GSBN), and 7COMm participated in the trial, with GSBN managing electronic bill of lading (eBL) updates.
Bruno Grossi, Head of Digital Assets at Banco Inter, noted that the collaboration will support the development of international trade. The partners intend to extend the testing to additional trade models and include more financial institutions.
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.
Bruno Grossi, Head of Digital Assets at Banco Inter The Central Bank of Brazil continues to advance its Drex initiative, aiming to modernise the national financial system through programmable, privacy-focused digital infrastructure. The project aligns with Brazil’s broader transition to digital payments, where around 90% of crypto transactions involve stablecoins.
Related: Brazil Eyes $17B Bitcoin Reserve as Part of National Economic Strategy
Author
Rachel Lourdesamy
Rachel is a freelance writer based in Sydney with experience within financial services, marketing, and corporate communications in the APAC region. An avid reader and a graduate of the University of Sydney, she covers topics including business, finance and human interest.
