China’s State Administration of Foreign Exchange is running a blockchain pilot to address cross-border trade finance challenges for SMEs. Today
China Financial News reported that the pilot started with the regional Bank of Jiangsu with the aim of increasing financial support but also reducing risks.
The blockchain addresses the lifecycle for an export receivable financing transaction starting with the SME applying for financing. It tracks acceptance, verification of customs declarations, review, registration and lending. The result was a reduction in time and improved convenience for the SME.
This is one of several Chinese trade finance initiatives.
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