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China's Central Bank Launches Blockchain-Based Platform Aimed Towards Aiding Small Businesses Speed Up Trade Finance
Summary: The research arm of China's central bank, the Digital Currency Institute, has developed a blockchain-based platform to shorten the time it takes to apply for trade finance. Wang Yimeng from the DCI spoke about the project in an interview with China Global TV Network during the China International Fair for Trade in Services (CIFTIS) 2020 in Beijing. ...
The research arm of China's central bank, the Digital Currency Institute, has developed a blockchain-based platform to shorten the time it takes to apply for trade finance.
Wang Yimeng from the DCI spoke about the project in an interview with China Global TV Network during the China International Fair for Trade in Services (CIFTIS) 2020 in Beijing. She noted that small to medium sized businesses often have to wait up to 10 days to apply for trade finance, but the new blockchain system shortens that timeframe to just two hours.
The real-time sharing unified ledger, named the People's Bank of China Trade Finance Platform, provides various trade financing services especially for small and medium-sized enterprises. It provides various trade financing services and helps to speed information transmission between government agencies.
The DCI began developing the service in 2018 and since its launch has reportedly facilitated 50,000 business transactions with a cumulative volume of more than 181.6 billion yuan.
By Emily Mason
Tags: China International Fair for Trade In Services,Digital Currency Institute,Trade Finance
Link: China's Central Bank Launches Blockchain-Based Platform Aimed Towards Aiding Small Businesses Speed Up Trade Finance [Copy]
