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E-invoicing, SCF & E-procurement

Chinese banks get access to new CBA blockchain trade finance platform

Monday 7 January 2019 | 11:52 AM CET

The China Banking Association has announced launching a new blockchain-based platform for trade finance.

Over 10 banks in the region have signed up for the platform, including HSBC (China), Bank of China, China Merchants Bank, Ping An Bank, China Postal Savings Bank, among others.

Lending technical support are Chinese fintech firms including PeerSafe, a Beijing-based startup focusing on distributed ledger technology and a member of the Hyperledger consortium. The CBA said in the statement that it has completed two pilots for issuing a letter of credits (LoC) and asset-backed securities, with participation from the Industrial and Commercial Bank of China and China Merchants Bank.

Going forward, the CBA said it plans to include more small and medium-sized banks, as well as customs and taxation agencies to the platform.

More: Link
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