One of China’s big state-owned banks has launched a raft of new functions for its blockchain-driven trade finance platform in the wake of strong popularity during the eighteen months since its launch.
China Construction Bank’s (CCB) BCTrade platform was first launched in April, and has since processed more than 360 billion yuan (approx. USD$53.5 billion) in transactions between banks and non-bank financial institutions and exporters, including domestic letters of credit, forfeiting, international factoring and re-factoring.
CCB officially launched an upgraded version of the platform – BCTrade2.0 on 9 October, which includes a new cross-chain function that will enable CCB’s 54 domestic and international branches as well as over 40 other banking institutions to process transaction between each other.
CCB’s Shanghai-based subsidiary Jianxin Financial Services is entrusted with operation and maintenance of the trade finance platform.
Ji Zhihong (纪志宏), vice-head of CCB, said that the bank is earnestly implementing the central government’s plans to “stabilise foreign trade,” as well as using “fintech to energise innovation and develop financial inclusion.”
CCB has also launched the “FTI Forfaiting Index” (FTI福费廷指数) with the goal of providing an indicator of the level of market activity and development.