China officially started pilot operations of the “Guangdong, Hong Kong and Macao Dawan District Trade Finance Blockchain Platform” this week in the southeastern city of Shenzhen. Backed by the People’s Bank of China, the blockchain-powered ecosystem is expected to facilitate cross-border trading across Guangdong, Hong Kong, and Macau Bay Area.
Ping An Bank’s vice president of transaction banking, Xu Honghui, said that the system could cut the costs of trade financing for micro to medium-sized enterprises by around 2 to 3 percent. The platform is also expected to become safer as more and more data including credit, business, third-party assessment, and judicial department data is added to it.
Source: Coin Telegraph