At the beginning of this month, the People’s Bank of China started to pilot a blockchain trade finance platform. The “Bay Area Trade Finance Blockchain Platform” (BATFB) launched in Shenzhen and targets the Guangdong, Hong Kong, and Macau Areas.
The five banks involved are Bank of China, China Construction Bank, China Merchants Bank, Ping An Bank, and Standard Chartered Bank. Additionally, the auto company BYD is participating.
BYD, the largest Chinese auto brand, spoke to the
21st Century Business Herald. They explained that the majority of their suppliers are SMEs. So there are 10,000-20,000 tier one suppliers and an even more significant number of tier two and three suppliers. It’s the latter group that has the funding gap.
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