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The government of Guangdong province in China has rolled out a blockchain-based financing platform that will help small companies receive loans from commercial banks quickly, CoinDesk reported citing a report from Sina Finance.
The project is supported by OneConnect, a blockchain and AI firm spun out of leading Chinese insurer, Ping An Insurance.
In a press release, the government said that the platform launch is in line with Chinese President Xi Jinping’s blockchain endorsement. The objective, it said, was to address the financing challenges faced by SMEs, including information asymmetry, and the existing slow and expensive process.
“[The platform] provides companies with multi-dimensional business credit portraits and tailor-made supply chain financing, trade financing, intellectual property financing and other financing solutions, and help financial institutions strengthen their risk management capabilities and improve the efficiency of financial services,” the release said.
The SME financing platform creates credit ratings for SMEs on the basis of their financial and administrative information called through a blockchain network of 26 government agencies.
Ma Xingrui, the Governor of Guangdong, launched the “smart matching” function of the SME financing platform, which carried out the first online unsecured credit financing based on blockchain technology.
As per the details, the platform has successfully matched with 129 financial institutions in the province and launched more than 319 financial products.
Meanwhile, OneConnect has filed a $468 million initial public offering (IPO) in the United States. It listed its IPO with the New York Stock Exchange (NYSE) last month under the ticker, OCFT.
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