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Trade finance has entered the blockchain era, and China Merchants Bank and its partners have achieved win-win results

Time : 26/10/2021 Author : 9eylfk Click : + -
        After several months of hard development and active preparation, in October this year, China Merchants Bank successfully launched the first receivables financing business for strategic partners through the "bay area trade finance blockchain platform", leaving a milestone mark on the stage of financial reform and innovation in the Greater Bay area. "Bay area trade finance blockchain platform" is the first domestic financial platform with blockchain as the underlying technology, led by the people's Bank of China, participated by regulatory agencies and jointly built by multiple financial institutions. The platform takes the construction vision of "based on the Great Bay area of Guangdong, Hong Kong and Macao, radiating Global trade in the future" as its construction vision, and the construction goal of "effectively promoting the formation of market trust mechanism" and "solving the financing difficulties and expensive financing of small and medium-sized enterprises" as its construction goal, and strives to effectively prevent and control business risks, effectively strengthen financial supervision, and jointly build a trade and financial ecosystem.
        As one of the core participating banks of the platform project, China Merchants Bank fully realizes that this project represents an important regulatory guiding significance, attaches great importance to and fully supports the project construction and production. Since the beginning of July this year, China Merchants Bank has sent professional technical and product personnel to Beijing to participate in the closed development of the project. In only three months, we gradually completed the development of the platform framework and the first level accounts receivable scenario, as well as the first successful trial operation and public disclosure, and successfully realized the first business loan landing on October 18. In this receivables financing business, the issuance of payment details of core enterprises, financing application of suppliers and bank acceptance were completed through the "bay area trade finance blockchain platform".
        It is understood that the successful landing of this pilot customer is due to the long-term close service of China Merchants Bank Shenzhen Branch, which fully understands that this strategic customer is gradually making use of its own advantages to build an industrial self financing platform and has accumulated strong technical strength; At the same time, its self built platform is also faced with many challenges, such as the need to introduce external credit funds and the limited credit level of the self built platform. On the premise of seeking win-win cooperation between the two sides, Shenzhen Branch vigorously promoted this strategic partner as a pilot enterprise. With the joint cooperation of the transaction banking department and Information Technology Department of the head office of China Merchants Bank, as well as the transaction banking department and strategic customers of Shenzhen Branch, Shenzhen Branch successfully provided a block chain technology solution for this partner.
        The landing of the first blockchain lending business marks a breakthrough from 0 to 1. However, China Merchants Bank still has a long way to go in developing "fintech + trade finance". Looking forward to the future, the "bay area trade finance blockchain platform" also plans to connect with national and local tax, single window, transportation department and other databases to create a huge trade finance ecosystem with unlimited potential. In the future, China Merchants Bank will continue to participate in the R & D process of the platform, achieve deeper system docking, create more competitive core products, expand powerful customer channels, and create a more viable business growth pole. The blockchain platform led by the people's Bank of China not only meets the requirements of enterprises for enhancing the credibility of third-party platforms, but also meets the expectations of the bank for improving the reliability of online electronic contracts.
        After the core enterprise issues the payment details through the blockchain, the information is stored in several decentralized nodes on the blockchain. No one can tamper with, forge or deny the information; After suppliers submit trade background information and financing application on the chain, these data will also be permanently saved and will never disappear. Therefore, this invisible and solid chain network will also reduce the bank's misgivings about fake contracts and seals, and reduce the legal risks arising therefrom.
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