News

Trade Finance Blockchain Platform Launched by the Chinese Central Bank

A recent report by a local news outlet – Shanghai Securities News disclosed that the People’s Bank of China (PBoC) has now officially launched the testing phase of a new and improved trading and financial platform.

The trading and financial platform is aimed at conducting trade and financing activities for businesses.

Some basic activities that this trading and financial platform is set to run includes accounts receivable and trade financing. The platform will also provide a regulatory system for trade finance to facilitate up-to-date monitoring of the various financial activities that take place on the platform.

The trial phase for the launching of the trade finance blockchain platform carried out by the Shenzhen Central Sub-branch of the People’s Bank of China, known as “Bay Area Trade Finance Blockchain Platform” was launched earlier than scheduled.

According to Shanghai Securities News, the platform seeks to create some essential services such as an “open financial and trade ecosystem based on the Macau Bay Area, Guangdong, and Hong Kong.”

The trading and financial platform was carried out through the collaboration of six other banks in China. These organizations include Bank of China, China Merchants Bank, Standard Chartered Bank, China Construction Bank, BYD Co., Ltd. and Ping An Bank,

Shanghai Securities News noted that this trade and finance platform would “help banks to conduct business authenticity audit[s], reduce business costs, improve business efficiency, [and] prevent and control business risks,” as well as to assist regulators and strengthen information sharing between departments.

Earlier in August, a whitepaper on the importance of the creation of a smart city around various parts of China was released by the Chinese insurance, banking, and financial services giant Ping An Insurance.

The company stated that the improvement of this city with the aid of blockchain technology, artificial intelligence, big data, machine learning, and cloud computing technology development would help in the developmental drive for the future.

Furthermore, in July 2018, the Ministry of Science and Technology of China announced to the world the readiness of China to pursue and set up an international research group on the standardization of the Internet of Things (IoT) and blockchain technology.

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