The People’s Bank of China (PBoC) has launched the testing phase of a blockchain trade finance platform.
This development was reported by local news outlet Shanghai Securities News.
The Shenzhen Central Sub-branch of the People’s Bank of China, the central bank of the People’s Republic of China, has entered the trial phase of the so-called “Bay Area Trade Finance Blockchain Platform” earlier than scheduled.
The platform is geared at conducting trade and financing activities, such as accounts receivable and trade financing. The platform would also provide a regulatory system for trade finance to allow for real-time assessment of different financial activities.
According to Shanghai Securities News, the platform seeks to generate an “open financial and trade ecosystem based on the Guangdong, Hong Kong, and Macau Bay Area.” The organizations involved in the platform include Bank of China, China Construction Bank, China Merchants Bank, Ping An Bank, Standard Chartered Bank, and BYD Co., Ltd.
The report claimed that the platform can “help banks to conduct business authenticity audit[s], reduce business costs, improve business efficiency, [and] prevent and control business risks,” as well as to help regulators and bolster data sharing between departments.
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