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Guangxi promotes cross-border financial blockchain platform

Time : 02/12/2021 Author : h7fjpe Click : + -
        Our online news reporter Xu Youren reported that on October 31, under the active guidance of the Guangxi Branch of the State Administration of foreign exchange, the Beihai branch of the Bank of China successfully handled the export commercial invoice discount business of 1.45 million yuan for the 250000 US dollars export receivables of Beihai Wanjing Marine Products Co., Ltd. on the cross-border financial blockchain service platform of the State Administration of foreign exchange (hereinafter referred to as the platform), completed the financing agent application on the platform, and verified the customs declaration on the chain, The whole process of Bank review, offline financing issuance, and financing result registration achieved the first breakthrough in Guangxi blockchain platform business. It is understood that in order to do a good job in the online operation of the platform, the Guangxi Branch of the State Administration of foreign exchange has formulated a pilot work plan to open business authority for banking outlets in need.
        Up to now, a total of 123 outlets including 13 branches of designated foreign exchange banks and 2 local legal person banks in Guangxi have applied to open the blockchain platform pilot business. In order to facilitate the landing of the first financing business of the platform, the Guangxi Branch of the foreign exchange bureau, after learning from the bank that Beihai Wanjing Marine Products Co., Ltd. has the financing demand for export receivables, timely guided the Beihai branch to actively assist the bank to gradually complete the whole process of financing agent application, acceptance and review through the platform, and successfully handled the first export commercial invoice discount business in the whole region. According to the introduction, the platform takes "financing of export receivables (after delivery)" as the business scenario, and provides verification services such as authenticity and repeatability of customs declaration and over limit financing for banks to handle enterprise financing applications. It solves the problems such as high verification cost, incomplete financing information, repeated financing and great difficulty in supervision that are common in cross-border business trade financing.
        By using the blockchain technology, banks can independently check the authenticity of the customs declaration form on the platform, without fear that the customs declaration information will be modified by a third party, so as to ensure the authenticity and reliability of the customs declaration information to the greatest extent. The platform can save the cost and time of customs clearance verification and promote trade facilitation. Before the platform goes online, the processing time of a bank financing business is generally 1-2 days, and the bank's review time of the customs declaration submitted by the enterprise is 1-3 hours. After the platform goes online, it greatly facilitates the verification of the customs declaration form by the bank. The bank does not need the assistance of the enterprise to provide the customs declaration system data for the verification of the authenticity of the customs declaration. It only needs to know the number of the customs declaration form to directly verify the authenticity and uniqueness of the customs declaration form on the platform. The verification time of the platform is only two minutes.
        The platform provides strong evidence for the authenticity of the financing trade background controlled by the bank, which saves the processing time of enterprise financing business and also saves the bottom cost of enterprise and bank transactions. According to the introduction, the platform collects customs data, and the bank has a convenient channel to verify the authenticity of trade background than in the past, which enhances the confidence of export enterprises and gives enterprises more financing opportunities. The platform facilitates the export enterprises to obtain financing funds before the importers pay for the goods, increases the cash flow of enterprises, solves the shortage of funds for exporters, and further improves the financing efficiency. Next, the Guangxi Branch of safe will actively organize more banks with market and demand to participate in the platform pilot, promote the application of cross-border financial blockchain platform in the financing of export receivables, and provide more convenient, comprehensive and effective solutions for SMEs with difficult and expensive financing through financial technology innovation.
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