• Wed, Jan 16, 2019 06:04 PM
  • All times are UTC
  • Edition:
    International
Link copied

China Banking Association develops blockchain-based inter-bank platform

Jan 07, 2019 06:31 am UTC

China Banking Association (CBA), a self-regulatory bank organization, is going to develop a blockchain-based platform to enhance efficiency across the banking sector, CoinTelegraph reported.

According to an official statement issued on December 29, the ‘China Trade Finance Inter-bank Trading Blockchain Platform’ aims to bring blockchain benefits to the trade finance ecosystem and financial services.

A number of banks have joined the initiative including Ping An Bank, HSBC Bank (China), China Merchants Bank, Bank of China, and others. Hang Seng Electronics Co., Ltd., Hengyin Financial Technology Co., Ltd., and other financial technology companies will provide important technologies and services for the platform.

“The establishment of this inter-bank platform can be described as extraordinary, opening up barriers between different banks and realizing the interflow of information,” HSBC China vice president and head of industrial and commercial finance Fang Xiao said (Cointelegraph quoted from China News).

“The use of blockchain technology to promote trade finance reform has become a global trend. The HSBC Group's overseas blockchain trade pilots show that the blockchain is used to improve the efficiency, safety and scale of trade.”

According to the release, ten participating banks have successfully completed two network tests. The platform’s working version is expected to be rolled out sometime this year.

“The China Banking Association plans to further expand the platform coverage, absorb the majority of small and medium-sized banks to join the platform, expand the platform business type, and actively cooperate with relevant agencies such as taxation and customs to give full play to the platform of industry organizations,” the release said (via online translation).

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $3,658.52 (-0.45%)
  • XRP (XRP) $0.330100 (+0.01%)
  • Ethereum (ETH) $123.88 (-3.02%)
  • Bitcoin Cash (BCH) $130.25 (-0.20%)
  • EOS (EOS) $2.45 (+1.51%)
  • Bitcoin (BTC) $3,658.52 (-0.45%)
Jan 16, 2019 (Wednesday)
11:52
Oil majors Chevron and Total join blockchain platform for energy commodity trading ‘Vakt’
10:45
Gibraltar Blockchain Exchange adds support for EOS on GBX-DAX
10:21
Blockchain startup Bitfury launches music division ‘Bitfury Surround’
09:34
Dubai telecom company du to develop blockchain solution for patient safety
07:48
SIRIN Labs re-opens flagship store in London for its blockchain smartphone ‘FINNEY’
06:36
IBM announces blockchain initiatives on mining and metals supply chain and tracking ethically sourced minerals
05:17
New Zealand crypto exchange Cryptopia suffers security breach
04:29
Iberdrola trials blockchain technology for tracking renewable energy
03:32
Israeli shipping firm ZIM advances blockchain-based Bills of Lading initiative to next phase
Jan 15, 2019 (Tuesday)
11:52
Blockchain startup Chronicled secures $16M in Series A round
11:33
KB Financial Group, LG team up to develop blockchain and AI-focused projects
10:06
Danish Tax Agency to obtain trading information from three local crypto exchanges
09:19
Swiss investment bank Vontobel launches crypto custody solution
07:22
Crypto project Bakkt announces first ever acquisition deal
06:30
HSBC settles $250B worth of FX transactions using distributed ledger technology
05:26
Vermont to launch captive insurance blockchain pilot
04:16
Monetary Authority of Singapore seeks to introduce regulation for cryptocurrency exchange services
04:15
Securities Commission Malaysia likely to launch crypto and ICO regulatory framework by Q1 2019
Jan 14, 2019 (Monday)
13:47
Crypto startup Totle raises $1M from Arrington XRP, NEO Global Capital, and Goren Helm Ventures
11:14
Google, Lenfest and blockchain startup ConsenSys back Automattic’s new publishing project “Newspack by WordPress.com”
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft