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What's new! The "national team" cross-border financial blockchain platform will expand the pilot scope

Time : 22/11/2021 Author : yelx75 Click : + -
        (reporter Meng fanxia intern reporter Liu Sihong) as the new year approaches, on the other side of intensifying the crackdown on the hype of virtual tokens in various regions, the new developments of the blockchain national team have also attracted great attention from the industry. On December 24, Lu Lei, deputy director of the State Administration of foreign exchange (hereinafter referred to as "safe"), revealed at the "2019 National Forum" held by China news service that the cross-border financial blockchain platform built by the safe will gradually expand the pilot scope and expand the application scenarios of blockchain technology in cross-border financing and macro Prudential Management. Lu Lei introduced that the cross-border financial blockchain platform built by the safe is currently the only blockchain platform that the central state organ has filed with the state Internet information office. It was launched in March 2019 and has been piloted in 7 provinces, municipalities directly under the central government and 14 corporate banks to alleviate the financing difficulties and high financing costs of small and medium-sized enterprises.
 
        Referring to the focus of the next step, Lu Lei pointed out, "we should strengthen the integration of science and technology finance and the foreign exchange market, and grasp the main line of supervising the development of science and technology. The new round of scientific and technological revolution has brought about the wide application of innovative technologies such as artificial intelligence and big data, and has given birth to a large number of new forms of financial technology. Not long ago, ‘ Libra ’ launched by Facebook has triggered in-depth discussions on financial stability, cross-border transactions, and the global monetary system.". Lu Lei revealed that for the next step plan of the cross-border financial blockchain platform, it will gradually expand the pilot scope and expand the application scenarios of blockchain technology in cross-border financing and macro Prudential Management. At the same time, we should promote the reform and opening up in the field of foreign exchange, deal with the forward-looking research of digital currency, and explore the scientific and technological system of foreign exchange supervision under the new situation.
 
        In this regard, Liu Feng, director of the blockchain technology and Application Research Center of the Institute of artificial intelligence and change management at Shanghai University of international business and economics, pointed out that as a representative of the national team, the safe has built a cross-border financial blockchain platform and gradually expanded the pilot scope. On the one hand, it shows that the country and regulators are gradually accepting and recognizing blockchain business; On the other hand, this business is mainly based on the trade of foreign cross-border financial blockchain. Under the background of complex scenes in the financial field and difficult supervision and risk control, it can take root in this field, which also shows that the national team has sufficient blockchain technology reserves, and also lays a solid foundation for the expansion of other related fields.
 
        The reporter of Beijing business daily learned that the launch of the cross-border financial blockchain platform aims to provide effective solutions for banks to handle corporate financing applications, verify the authenticity of customs declarations, prevent the repeated use and over financing of customs declarations, and review financing projects. With the launch of the platform, the cross-border financing difficulties of small and medium-sized enterprises have also been effectively alleviated. On the one hand, under the traditional mode, small and medium-sized enterprises are often very cautious about cross-border financing of small and medium-sized enterprises due to small business scale, less assets and funds, non-standard management, lack of credit information and other reasons. The cross-border blockchain platform takes "export accounts receivable financing (after shipment)" as the business scenario, and the "export customs declaration" information is checked through the blockchain system, which can verify the authenticity of the documents. At the same time, the platform also greatly shortens the financing application cycle and reduces the financial cost of enterprises.
 
        On the other hand, the cross-border blockchain platform has also effectively reduced the risk of bank financing business and improved the willingness and efficiency of bank financing business. Under the traditional mode, banks lack effective and convenient channels to verify the authenticity of the pledge. Due to asymmetric information, lack of data sharing and other reasons, it is difficult for banks to grasp the specific situation of inter-bank financing of enterprises. The pledge information provided by the cross-border blockchain platform is authentic and credible. At the same time, the real-time interaction and effective verification of inter-bank financing information help to curb the risk of repeated financing in a timely manner, and solve the "pain points" of bank false financing and repeated financing. In addition, according to the supervision, the cross-border blockchain platform has also further consolidated the in-process and post event supervision means of the safe, which can realize the organic unity of "supervision as service".
 
        Specifically, under the traditional mode, the regulatory authorities need to spend a lot of energy on off-site monitoring and analysis, on-site verification, and inspection of false and fraudulent financing transactions to carry out special inspections of false trade financing. By embedding business and regulatory rules in the cross-border blockchain platform, we can share a variety of information, including fund collection and payment, collateral vouchers, financing applications, loans, etc. Safe can see the real information of banks and enterprises in all aspects of financing business, and timely find abnormalities in the transaction process, which not only achieves the goal of cross-border financial services, but also meets the requirements of authenticity supervision, which truly reflects the management concept of supervision in service.
 
        
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