A blockchain commercial finance platform led by the Chinese central bank entered the testing phase ahead of an official launch.
According to a report by the 21st Century Business Herald on Tuesday, the first phase of the so-called Bay The Blockchain platform of Trade Trade Finance is already deployed in all financial institutions in the southern city of Shenzhen and is currently undergoing final tests.
The bay area in southern China is an area of economic development consisting of large cities along the Pearl River and the special administration regions of Hong Kong and Macao.
The commercial finance project was jointly pushed and coordinated by the Digital Currency Research Lab of the People & # 39; s Bank of China and the Shenzhen central bank branch, as the report indicates. The country's major commercial banks, including Bank of China, Bank of Communications, China Merchants Bank, Ping & An An Bank and Standard Chartered, also participated in and assisted with development.
The platform aims to increase the efficiency of interbank transactions and to help small and medium-sized enterprises access a wider range of financial instruments, such as asset-backed securities, as data can be easily shared among the participants through a network distribution
Furthermore, higher levels of transparency of transactions and shared information on the blockchain are expected to give local regulators more granular oversight for better risk control and fraud prevention, the report added. .
The commercial financial effort arrives like that of Hong Kong The central bank is in fact also implementing a blockchain-based commercial financing platform, with the participation of a group of financial institutions in the special Chinese administrative region.
As previously reported by CoinDesk, the Hong Kong Monetary Authority was ready to project by September – a Ping & # 39; An Insurance technologically developed, the entity owning Ping & # 39; An Bank .
Shenzhen skyscra pers image via Shutterstock
The leader in blockchain news, CoinDesk is a source of information that fights for the highest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in criptovalute and blockchain startups.