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