On December 29th the China Banking Association (CBA) launched the “China Trade Finance Inter-bank Trading Blockchain Platform” which was planned by the Association. The platform aims to enhance efficiency by standardizing and digitizing transaction information between banks. ICBC and China Merchants Bank verified the first inter-bank domestic Letter of Credit on the distributed ledger (DLT).
The first products being piloted are domestic Letters of Credit and Forfaiting. Ten banks have participated so far including Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank, China Everbright Bank, Shanghai Pudong Development Bank, China Postal Savings Bank, Ping An Bank, and HSBC Bank (China).
Additionally, other banks involved in the project include The United Nations Development Bank, Bank of China (BOC), China CITIC Bank and China Minsheng Bank. Several fintech companies have contributed to the platform.
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