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The China Banking Association (CBA), the country's self-regulatory organization for the banking sector, is launching a new blockchain-based platform for commercial finance.
The platform was announced last week, while the organization is about to launch it for live use after several pilot programs to improve the efficiency and security of commercial financial transactions.
Over 10 major banks in the region have joined the platform, including HSBC (China), Bank of China, China Merchants Bank, Ping An Bank, China Postal Savings Bank, among others.
Technical support for the loan are Chinese fintech companies including PeerSafe, a Beijing-based startup that focuses on distributed ledger technology and a member of the Hyperledger consortium.
The CBA has declared that it has completed two pilot projects for the issuance of a loan letter (LoC) and asset-backed securities, with the participation of the Industrial and Commercial Bank of China and the China Merchants Bank.
"The launch of the Chinese commercial finance blockchain has brought together the commercial chain of several banks to make cross-bank transactions much faster, safer and more realistic," said Fang Xiao, vice president and head of industrial and commercial finance at HSBC China . cited how to say in a journalistic service on Thursday.
Going forward, the CBA said it plans to include more small and medium-sized banks, as well as customs and tax agencies for the platform.
The financial market the sector is increasingly trying to adopt blockchain technology to improve operations. In September, the Chinese central bank implemented the "Bay Area Trade Finance Blockchain Platform" among financial institutions in the southern city of Shenzhen.
Also the Monetary Authority of Hong Kong announced the launch of a live blockchain commercial finance platform last November.
More recently, HSBC India and ING Bank, Brussels, facilitated trade trade on the Rca blockchain platform, for Reliance Industries India-based oil and gas conglomerate and distributor of chemicals based in the United States Tricon Energy.
Financial District of China image via Shutterstock
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