Last week two major Chinese trade finance blockchain initiatives were announced. Firstly, the Bank of China (BOC) is planning a trade finance blockchain. Secondly, Ping An’s OneConnect launched a supply chain finance platform.
In a speech last week, Huang Runzhong, Secretary General of the China Banking Association (CBA) said: “The BOC is in the process of cooperating with a number of member units, and is working together to build a trade and financial inter-bank transaction information exchange system based on blockchain technology, and strives to provide a broader and more promising trade finance business for banks.”
Last month the People’s Bank of China announced a pilot of the
Bay Area Trade Finance Blockchain Platform, which is only for Shenzhen, Guangdong, Hong Kong, and Macau. The latest statement hints at a larger project.
Ping An’s OneConnect
Also last week, Ping An’s OneConnect launched a major supply chain finance platform on its “One Enterprise Chain”. Using a “two small, one big” approach the initiative aims to target large corporates to bring along their SME suppliers. The funding is to be supplied by small to medium-sized banks.
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