The China Banking Association is launching a new blockchain platform for trade financing. After several pilot programs aimed at improving the efficiency and security of operations, the platform is now in the process of being rolled out for use in real time. More than ten major banks in the region have agreed to use the platform. Among them are HSBC (China), Bank of China, China Merchants Bank, Ping An Bank, and China Postal Savings Bank. Technical support for the project is provided by Chinese fintech companies, including the Beijing-based startup PeerSafe, which specializes in distributed ledger technology. The association's statement says that the organization has completed two pilot projects on the issuance of a letter of credit and asset-backed securities with the participation of the Industrial and Commercial Bank of China and China Merchants Bank. "The launch of blockchain for trade finance operations has united the trading network of various banks, which will make interbank transactions much faster, safer, and more practical," said Fang Xiao, vice president and head of the industrial and commercial financing department of HSBC China.
Going forward, the association plans to bring more small and medium-sized banks, as well as customs and tax authorities, into the platform's operation. The trade finance sector is increasingly seeking to implement blockchain technology. For example, in September 2018, the development of a blockchain platform for financing trade of small and medium-sized businesses, led by the Central Bank of China (PBoC), entered the testing stage before its official launch. In addition, in July 2017 it became known that Hong Kong was using blockchain to improve the efficiency of trade financing, and in November of last year Reliance Industries, HSBC, and ING Bank carried out a trade financing deal on blockchain.
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