China Banking Association Confirms Use of Blockchain for Third Party E-Correspondence Financial Services Platform

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The peak body for the Chinese banking sector has confirmed that blockchain technology will be used for its e-correspondence financial services platform.

The China Banking Association (CBA) and the China Institute of Certified Public Accountants (CICPA) have just confirmed key details for the development of China’s “Third Party Electronic Correspondence Financial Services Platform,” (第三方电子函证金融服务平台).

CBA confirmed the use of blockchain technology as the base technology for the platform, as well as the stage-based development of its systems framework.

This will involve selecting large and medium-sized commercial banks and accounting firms to join the platform in the first stage, based on their level of technological capability.

In the second stage usage of the platform will gradually expand to encompass regional small and medium-sized banks and accounting firms.

CBA and CICPA also announced the completion of key systems development documents for the platform including the “Administrative Standards and Operational Procedures” (管理规范及业务流程), “Operations Demand Manual” (业务需求说明书) and the “Technical Demand Manual” (技术需求说明书).

In 2018 the CPA commenced research into the development of third party electronic correspondence financial services platform, under the direction and support of financial regulators, as part of efforts to improve auditing work and reduce errors and malfeasance in relation to financial reports.

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