China's Central Bank Promoted the Trial Operation of the Trade Finance Blockchain Platform in Guangdong, Hong Kong and Macau

Source: Visual China

According to the Shenzhen News Network, Trade Finance Blockchain Platform in Guangdong, Hong Kong and Macau was officially put into trial operation in Shenzhen on September 4. The platform is dedicated to building an open financial and trade ecosystem at home and abroad based on the Guangdong, Hong Kong and Macau Bay Area.

Under the joint promotion, coordination and organization of the People’s Bank of China Digital Money Research Institute and the People’s Bank of China Shenzhen Central Branch, Shenzhen Financial Science and Technology Research Institute unites Bank of China, China Construction Bank, China Merchants Bank, Ping An Bank, Standard Chartered Bank and BYD Co., Ltd. After nearly two months of closed development, the first phase of the Bay Area Trade Finance Blockchain Platform Project was successfully achieved. The first phase of the project has been deployed online and entered the trial operation phase.

In the first phase of the project, a trade finance underlying platform based on blockchain technology was built. Trade and financing activities such as trade receivable financing were available on the platform. At the same time, the platform provides a regulatory system for trade finance to achieve dynamic and real-time monitoring of various financial activities on the platform.