The peak body for China’s banking sector has unveiled plans to apply blockchain technology to factoring and other forms of trade financing.
Huang Runzhong (黄润中), vice-secretary of the China Banking Association (CBA), has announced that CBA is working with multiple parties on the creation of a “trade finance cross-bank transaction information interactive system” in response to requests from a number of the association’s members.
Huang made the remarks on 16 October at the 2018 annual meeting of the CBA specialist factoring committee.
According to Huang CBA will endeavour to provide broader and more effective platforms and channels for Chinese banks to undertake factoring and other trade finance operations, in order to expedite the healthy development of the sector.
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