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Hu Tao: Minsheng Bank fully embraces blockchain and has been applied to business

Time : 18/05/2022 Author : pztkxl Click : + -
        Enterprises represented by listed companies have invested in exploring blockchain. They have clear application scenarios and certain R & D strength, and to some extent show the policy attitude towards blockchain. Therefore, the application of blockchain by listed companies is also an important perspective to observe the industry trend. Although there are many opportunists who intend to hype the stock price, there are also many doers. To this end, the chain catcher launched a series of special reports on chasing listed companies, exploring the fresh practical experience of these companies, and observing the development path and status of blockchain in real society from the perspective of listed companies. The second company in this topic is China Minsheng Bank (hereinafter referred to as Minsheng Bank), the first private bank in China, which has developed the alliance chain with China CITIC Bank and has been applied in Forfaiting and letter of credit business.
 
        China Minsheng Bank was founded in 1996, led by the all China Federation of industry and commerce. It is the first national commercial bank in Chinese Mainland established by private capital, and its shareholders are all joint ventures of industry and commerce. At present, Minsheng Bank's main businesses include deposits and loans, bill discounting, and issuance of financial bonds, and ranks 251st in the 2018 Fortune Global 500. As a pilot field for the private economy to participate in the banking industry and the state to explore the construction of modern banks, the main task of Minsheng Bank at the beginning of its establishment was to alleviate the contradiction of private enterprises lacking financial support, and proposed to take non-state-owned, high-tech, small and medium-sized enterprises as the main target market of Minsheng Bank.
 
        At the same time, the ownership structure of Minsheng Bank has given it a high degree of autonomy and vitality, and has made innovations in governance structure, asset liability management, marketing and financial system. For example, it has become the first commercial bank in China's banking industry to engage in trade and prepare financial statements in accordance with international practices, and to employ Puhua accounting company for audit. After landing on the Shanghai Stock Exchange in 2000, Minsheng Bank further improved its governance structure and continued to maintain a rapid development speed with its differentiated positioning and operating efficiency. In the first half of 2018, Minsheng Bank achieved an operating revenue of 75.417 billion yuan, an increase of 6.75% year-on-year; The net profit was 29.618 billion yuan, an increase of 5.45% year-on-year; The basic earnings per share is 0.68 yuan; The total asset scale reached 6061.143 billion yuan, an increase of 2.69% over the end of the previous year.
 
        In terms of market value, Minsheng Bank has increased about 10 times in recent 15 years, and its total market value is currently 280.2 billion, but it has been floating up and down in the past five years, and the downward trend is gradually showing, which means that Minsheng Bank has encountered bottlenecks in the increasingly fierce competition in the banking industry, and it urgently needs new technologies and new paths to achieve breakthroughs. At present, the financial industry is the most extensive and in-depth traditional application scenario of blockchain technology, and major banks at home and abroad are carrying out research and development of blockchain technology. As an institution involving a large number of financial businesses, Minsheng Bank has a high degree of integration with blockchain. For example, in the bill business, the point-to-point transaction that banks can realize with the help of blockchain can break the existing function of bill intermediary and realize the disintermediation of bill value transmission; Based on the tamperability of blockchain information, once the bill transaction is completed, there will be no default, so as to avoid "selling more than one ticket" and asynchronous payment and endorsement; In terms of cross-border payment business, banks can use blockchain technology to directly make point-to-point payment between the two sides and jointly participate in payment verification, which has obvious advantages in reducing cross-border payment risks, improving cross-border payment efficiency, saving bank resources and so on.
 
        At the same time, the chain catcher found in the public information that many executives of Minsheng Bank talked about the value and application scope of blockchain, and expressed their willingness to apply blockchain technology to the products of Minsheng Bank. Hong Qi, chairman of Minsheng Bank, said publicly at the launch of its "Minsheng E-Chain" product last November that blockchain, artificial intelligence and other technologies have promoted changes in supply chain operations and financial operations, and gradually achieved intelligent decision-making, ecological subjects, service-oriented activities and management visualization, thereby reducing information asymmetry and moral hazard. "Blockchain will change the core norms of the financial system and have a disruptive impact on the institutional foundation and participant relations of the existing banking system. At the same time, it can also help commercial banks systematically solve the pain points and persistent diseases of the whole business chain.
 
        "Huang Jianhui, President of Minsheng Bank Research Institute, said at the 2018 AI and fintech Innovation Summit. Niu Xinzhuang, general manager of the Information Technology Department of the head office of Minsheng Bank, said in a media interview that blockchain and other technologies will profoundly change the bank's end-to-end core business processes. "Minsheng Bank has fully embraced blockchain.". However, Niu Xinzhuang also pointed out at the 18 year Beijing digital economy forum that the development of blockchain is a long-term and challenging process, and blockchain technology may overturn some business models in the future, but the current commonly used scenarios are often specific scenarios that cannot solve the category and performance problems of transactions, so it will take time for revolutionary applications to be implemented.
 
        In addition, as a private enterprise, Minsheng Bank may have a more tolerant and open environment for exploring new technologies and mechanisms than other domestic banks, and have more favorable conditions. Public information shows that the earliest development of Minsheng Bank in blockchain is that it officially joined the R3 blockchain alliance in November 2016 and established a partnership with it, but no follow-up progress has been made. The chain catcher learned that the core blockchain product of Minsheng Bank in recent years is the cross bank alliance chain completed in cooperation with China CITIC Bank. The specific structure is shown in the following figure:. In July, 2017, the first product based on the alliance chain came out, that is, the domestic letter of credit information transmission system (BCLC) jointly built by Minsheng Bank and China CITIC Bank, and completed the first domestic letter of credit business of 100 million yuan on the first day.
 
        The system also won the second prize of the science and technology development award of the people's Bank of China that year. It is understood that the letter of credit refers to a written certificate issued by the bank to the exporter (seller) at the request of the importer (buyer) to ensure that it will bear the responsibility of paying the goods. For a long time, the domestic letter of credit business between banks has adopted the traditional methods of letter opening and document delivery by mail, and needs to send swift plus a pledge for confirmation at the same time, which is inefficient and unsafe. Moreover, customers can only query the business progress in the deposit bank, and cannot understand the processing progress of the counterparty bank, so the transparency is poor. At the same time, banks also lack sufficient means to verify the authenticity of the trade background of business, and it is difficult to prevent the possibility of repeated use and fraud of paper vouchers such as invoices and third-party documents.
 
        According to the public information of Minsheng Bank, after the BCLC system based on blockchain technology was launched, the new system realized the transformation from letter to electronic, from paper to electronic delivery, reducing the time cost and mailing cost; Customers can query the progress of the complete business chain in real time through online banking and other channels, which increases business transparency; At the same time, in the future, the authenticity of business and documents can be guaranteed and risks can be reduced by introducing logistics, national tax and other relevant institutions; The supervision department can also be accessed as a node in the chain. An open and transparent bank transaction ledger can help the supervision department collect all business data and manage in real time. However, it should be pointed out that some news shows that the underlying facilities of the letter of credit system are not completely independently developed by Minsheng Bank, but after public bidding, Yunxiang blockchain won the bid and organized subsequent development.
 
        In October, 2018, Minsheng Bank, together with Bank of China and China CITIC Bank, jointly designed and developed a blockchain Forfaiting trading platform based on "distributed architecture, full chain of business links, and full automation of system connection". The system customized an application service process of pre inquiry, post asset release inquiry, and capital quotation for Forfaiting Business, with multiple scenarios of concurrent business and logical serial. It is understood that the platform was launched for 10000 yuan. According to the chain catcher, the so-called Forfaiting Business is a trade financing business product closely related to export trade, that is, banks or other financial institutions buy out accounts receivable arising from export goods or services from exporters without recourse.
 
        In the traditional transaction mode, the disconnection between price matching and asset transfer, the traditional information release channels are easy to cause the distortion of transaction information, the non-uniform standards of multi-agent transactions and other problems that have plagued the banking industry for a long time. According to the public information of Minsheng Bank, with the launch of the system jointly built by the three major banks, the bank can ensure the authenticity and effectiveness of asset information through key identity authentication, asset core element verification, intelligent credit rating and other means. At the same time, it integrates a series of links such as asset release, capital quotation, offer offer, creditor's right transfer, so as to avoid the delay of transactions after the intention is reached, and minimize transaction costs Improve financing efficiency.
 
        In addition, niuxinzhuang also revealed at the Beijing digital economy forum for 18 years that Minsheng Bank is still exploring the blockchain financial justice chain. "In the whole economic downturn cycle, banks faced many lawsuits. We just had the relevant demand at that time, so we decided to use blockchain technology to solve this problem. At that time, we built a platform to initiate procedures online in case of disputes, and we can obtain evidence directly from the middle of the block, or even judicial evidence." Niu Xinzhuang said. At present, Minsheng Bank has applied blockchain technology to two traditional financial businesses, forfaiting and letter of credit. It can be seen that it has certain practical accumulation in the field of blockchain, and recognizes the practical and commercial value of blockchain technology.
 
        At the same time, the above landing businesses are not main businesses, mainly for the b-end, and the current scenario and the number of customers are quite limited. The specific operation effect and feedback of the product are unknown, and more time is still needed to observe and judge.
 
        
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