China Banking Body to Develop Multi-Use Blockchain Platform With Major Banks

Published at: Jan. 4, 2019

China’s self-regulatory bank organization the China Banking Association (CBA) will launch a blockchain-based platform to improve efficiency across the sector, participants confirmed in a statement Dec. 29.

The project, formally dubbed the ‘China Trade Finance Inter-bank Trading Blockchain Platform,’ aims to use blockchain to target trade finance, transactions and other financial services.

Multiple guinea pigs have signed up to pilot the platform, among them well-known names such as HSBC, Bank of China and Ping An Bank.

“The establishment of this inter-bank platform can be described as extraordinary, opening up barriers between different banks and realizing the interflow of information,” HSBC China vice president and head of industrial and commercial finance Fang Xiao told local news outlet China News, adding:

“The use of blockchain technology to promote trade finance reform has become a global trend. The HSBC Group's overseas blockchain trade pilots show that the blockchain is used to improve the efficiency, safety and scale of trade.”

China continues to advance its state-level use of blockchain in a bid to capitalize on the benefits the tech has proven to provide in its short history.

Technical support for the inter-bank project will come from Chinese entities including application startup PeerSafe, which is also a Hyperledger consortium participant.

Among the sponsors for the platform’s construction is the United Nations Development Bank, as well as several of the ten banks lined up as testers.

A working version should appear sometime in 2019, the statement says, adding that it would enact plans for expansion once it was running smoothly. These, it says, will include attracting smaller banks, along with increasing the scope of applications to include taxation and customs entities, among others.

As Cointelegraph recently reported, Saudi Arabia, Canada and others are currently examining blockchain implementations for areas such as customs and trade finance.

Tags
Blockchain
China
United Nations
Banks
Related Posts
Huobi Launches Global DeFi Alliance To Merge East and West
Huobi DeFi Labs has launched a global DeFi alliance, which is set to establish universal protocol standards for the DeFi space and improve communications within the DeFi ecosystem. The alliance will also conduct research on emerging DeFi protocols to help avoid future crises in the community. The alliance’s inaugural members are MakerDAO (MKR), Compound (COM), Nest (NEST), and dYdX (dYdX). In an interview with Cointelegraph, Huobi’s chief investment officer Sharlyn Wu said, “We have to partner with the entire ecosystem. But we want to work with the best of projects out there and make sure our users have access to …
Adoption / Aug. 17, 2020
Chinese Blockchain-Based Pilot Platform Completes First Cross Border Trades
Recently, a blockchain-backed cross border platform pilot was implemented in the Chinese city of Qingdao. The companies involved have now made their first trades with partners in North America and Southern Asia. As reported on April 22 by local newspaper, Sina, the companies are praising the pilot program, and claim that the city’s banks will continue to improve the service. Trades made with other countries via blockchain About 37 Qingdao businesses have done business with foreign enterprises through the blockchain platform, located in the United States, Mexico, India, and a number of other countries. Sina reported that the pilot platform …
Adoption / April 22, 2020
Japanese Official Calls for Urgent Development of Digital Yen to Counter China
Another Japanese lawmaker has publicly called for the swift development of the digital yen. The head of the banking and finance systems research commission at Japan's Liberal Democratic Party, Kozo Yamamoto, said today that the country should create a digital yen in two to three years. Reuters reported on Feb. 10 that Yamamoto said that plans for its central bank digital currency (CBDC) should be included in the government’s mid-year policy guidelines. He explained that digital currencies could quickly spread in emerging economies and help China — who is working on a CBDC — advance its digital hegemony. Because of …
Blockchain / Feb. 10, 2020
China: Insurance Giant Ping An Subsidiary to Create Boutique Bank Supported by Blockchain
Ping An Bank, a subsidiary of China’s Ping An Insurance Group, will launch a boutique bank using blockchain, cloud services, and the Internet of Things (IoT). Ping An Insurance Group is one of the world's leading financial and insurance corporations, and their subsidiary’s announcement was reported on Nov. 20 by People’s Daily, China’s official state run press service. A boutique bank is defined as a non-full service investment bank that supports more individualized services than larger firms. The new boutique bank will rely on Ping An Group's scientific and technological skills and comprehensive financial capabilities to provide integrated financial services …
Adoption / Nov. 20, 2018
Industrial and Commercial Bank of China To Embrace Blockchain Technology
The Chairman of the Industrial and Commercial Bank of China (ICBC) has said that the bank will focus on blockchain technology development, BiaNews reported September 1. Founded in 1984, the ICBC is reportedly the largest bank in China with over 5,000 corporate and 530 million personal customers. In 2017, the bank focused on the construction of “intelligent banking” and “accelerated deployment in the field of financial technologies.” The ICBC Chairman Yi Huiman reportedly said that the financial institution will focus on innovations in cloud computing, big data, artificial intelligence (AI), blockchain, and Internet of Things (IoT). According to BiaNews, the …
Adoption / Sept. 4, 2018