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Chinese Banking Giants Launch Blockchain-Based Trade Finance Platform
With the PBOC, the HKMA, and other policy-setters rolling out blockchain trade finance platforms, it looks like regulators are looking to get in on the fun, too.
According to Coindesk, the China Banking Association (CBA) has officially announced its blockchain-fueled interbank trade finance platform.
Called the “China Trade and Finance Interbank Trading Blockchain Platform,” the project is slated to roll out soon and it boasts over 10 major banks – including Bank of China, China Merchants Bank, Ping An Bank, and China Postal Savings Bank – on its roster. Technical support meanwhile is provided by several Chinese fintech firms, including Beijing-based Hyperledger consortium member PeerSafe.
“The launch of China’s trade finance blockchain has brought together the trade chain of different banks to make cross-bank transactions much faster, safer and more realistic,” Fang Xiao, vice president and head of industrial and commercial finance at HSBC China, was quoted as saying in a news report on Thursday.
The CBA reportedly plans to add more banks and agencies to the platform in the future.
Photo: Gonzalo Pineda Zuniga