China Builds Cross-border Finance Blockchain Platform
China has established a digital finance service platform to leverage blockchain technology to spur the development of a China-Europe cargo train service.
The one-stop platform, launched by the country's State Administration of Foreign Exchange in June, provides services like financing application and credit extension, Liang Hong, an official of the Xi'an branch of the People's Bank of China, told a press conference.
As of Aug. 25, a total of 30 enterprises from industries such as logistics and cross-border trade had secured fund support worth 1.25 billion yuan (about 194 million U.S. dollars) thanks to the platform, Liang said.
As blockchain technology excels in verifying data authenticity and repeat loans, the platform aims to improve banks‘ abilities to prevent and control credit risks, develop more credit products, and reduce financing costs for enterprises. (Source: XINHUA)