The People's Bank of China (PBoC) has invested 32.35 million yuan (nearly 4.7 million US dollars) to continue developing its Blockchain trade finance platform.
The grant, which is expected to be allocated over three years, is expected to improve the platform for small and medium enterprises (SMEs) to access a broad range of financial instruments, according to the Global Times. reporting on March 9, citing Xinhua News Agency.
More than 35 banks are now part of the blockchain trade finance platform, organizations that have helped process transactions worth 87 billion yuan (nearly 12.4 million USD) as of December 2019. .
China's new platform is also said to have significantly improved the effectiveness of lending decisions from small and medium enterprises. The time it takes to process commercial funding has dropped from more than 10 days to about 20 minutes, while corporate finance costs also fell below 6%, according to the report.
Launched in September 2018, this blockchain platform is overseen by PBOC's Digital Currency Research Laboratory, Chinese Academy of Sciences, major Chinese universities such as Tsinghua University and local banks.
In November of last year, the Hong Kong Monetary Authority also signed an agreement with China's central bank to connect the eTradeConnect blockchain-based financial financial platform with the country's central bank, thereby opening an Wide range of commercial and financial business activities.
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According to The Block
Translated by ToiYeuBitcoin