China Banks Launching a Blockchain-Based Platform for Trade Finance

The China Banking Association is launching a blockchain-based program aimed at improving the efficiency and security of trade finance transactions; more than 10 large Chinese banks have signed up for the platform; two pilots have already been completed for issued letters of credit and asset-backed securities; an executive at HSBC China said, “The launch of China’s trade finance blockchain has brought together the trade chain of different banks to make cross-bank transactions much faster, safer and more realistic.” Source.