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CITIC Nanning Branch landing cross border financial blockchain platform export letter of credit Forfaiting financing business

Time : 30/05/2022 Author : x3w8g7 Click : + -
        Recently, Nanning Branch of China CITIC Bank handled the first export letter of credit Forfaiting financing for a foreign trade enterprise within its jurisdiction through the cross border financial blockchain service platform of the administration of foreign exchange, with an amount of 10million yuan, which is another breakthrough in the bank's cross-border financial blockchain financing. The cross-border financial blockchain service platform is an important platform for the State Administration of foreign exchange to support the real economy. The platform uses the characteristics of blockchain technology, such as tamperability, reliability, information sharing, traceability and so on, to carry out the whole process management of financing business on the platform, especially to verify the authenticity of export declaration forms, which greatly improves the means for banks to review the authenticity of trade background and effectively reduces the risk of bank financing business, Ease the financing difficulties of foreign trade enterprises.
        Since the State Administration of foreign exchange promoted the blockchain platform, Nanning Branch of China CITIC Bank has actively responded to the call of the regulatory authorities, made great efforts to carry out business innovation, returned to the source, and fully financed the qualified export enterprises within its jurisdiction. At present, the types of export financing that have been implemented include export receivables financing, credit insurance financing, and export Forfaiting financing, with a cumulative financing scale of more than 100 million yuan. Next, Nanning Branch of China CITIC Bank will continue to thoroughly implement the digital transformation strategy, strengthen cooperation with China Export Credit Insurance Corporation and other institutions, make full use of the information advantages of blockchain platform, improve the ability to facilitate financing services for export enterprises, and contribute to the smooth domestic and international double circulation of CITIC.
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