China Central Bank Clearing Center and the three banks signed a blockchain forfaiting trading platform cooperation agreement

Recently, the People’s Bank of China Clearing Center and China CITIC Bank, Bank of China, and China Minsheng Bank formally signed a blockchain forfaiting trading platform cooperation agreement. This means that the blockchain forfaiting trading platform initiated by China CITIC Bank has officially become an industry platform.

According to the agreement, the PBC Clearing Center will learn from the practical experience of the three commercial banks in the construction of the blockchain forfaiting trading platform in the early stage to improve the asset transaction function of the PBC’s domestic electronic letter of the credit system. The construction of related functions will make full use of the advantages of blockchain technology, combine the blockchain’s multilateral trust, anti-tampering, consensus algorithm, and other technologies with the electronic letter of credit asset transaction business, and develop a forfaiting asset transaction platform. The new platform will unify business standards, connect with the large-value payment system of the People’s Bank of China, facilitate the sale of forfaiting assets between banks, improve the efficiency of trade financing in the forfaiting field, and reduce corporate financing costs.

Up to now, the number of members of the platform alliance has increased to 43, and the accumulated business has exceeded 300 billion yuan.