The platform digitises commodities trade and financial services between over 50 CCB branches and 40 external organizations. The CCB’s project has been in the works for some time. In 2017, the bank claimed to be the first to use blockchain for domestic letters of credit, forfeiting, and international factoring. In 2017, it had managed USD 106 million and 20 participants.
It contains new features in factoring, cross-chain connectivity, and improvements in efficiency thanks to a partnership with Jianxin Financial Technology. The CCB’s platform is just one of many blockchain trade finance initiatives in China. The central bank run ‘Bay Area Trade Finance Blockchain Platform’ reached USD 4.5 billion earlier in 2019. Other projects include Zheshang Bank’s accounts receivable blockchain and Ping An’s trade finance platform for small to medium-sized banks.
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