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PBOC’s Blockchain Trade Finance Platform Might Help SMEs Cut Costs to Less Than 6%

Published 09/14/2018, 08:48 AM
Updated 09/14/2018, 10:01 AM
 PBOC’s Blockchain Trade Finance Platform Might Help SMEs Cut Costs to Less Than 6%

China’s central bank, People’s Bank of China (PBOC), officially launched a blockchain-based trade finance trial in Shenzhen, one of the largest cities in South China’s Guangdong Province. We reported on the platform last week, while local media portal came on Wednesday with more details.

The system, known as the “Guangdong-Hong Kong-Macao Great Bay Area Trade Finance Blockchain Platform,” aims to solve financial difficulties for small and medium-sized enterprises (SMEs). Xu Honghui, VP of the transaction banking division of Ping An Bank, which is also involved with the project, said in a report that trade financing costs for micro- to medium-sized enterprises would be reduced to less than 6% than...

This article appeared first on Cryptovest

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