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The People’s Bank of China recently suggested a blockchain-based trade financing information platform. The bank has proposed the aforementioned platform for the Guangdong-Hong Kong-Macao Greater Bay Area.
Lately, several governing entities in China came together to issue an official document suggesting the advancement of a blockchain-based trade finance platform.
The governing entities consisted of the China Banking Regulatory Commission, the People’s Bank of China, the Foreign Exchange Bureau, and the China Securities Regulatory Commission.
The 4 organizations gave in their opinions on how best to finance the creation of the Guangdong-Hong Kong-Macao Greater Bay Area, in the document.
In an effort to implement better financial technology in the area, the document states that the nation needs to build a blockchain-powered trade financing information service platform under the premise of lawful acquiescence and viable voluntariness.
The proposal mentioned that the platform would aid partaking banks securely share information related to cross-border traders through a dependable source.
They further put forward the use of AI and big data in risk deterrence, marketing, and financial administration.
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