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Recently, Xiamen City became one of the nine pilot areas nationwide for the State Administration of Foreign Exchange’s cross-border financial blockchain service platform. It is reported that this will effectively alleviate the difficulty of cross-border trade financing for small and medium-sized enterprises and better serve the real economy.

At the beginning of the year, the State Administration of Foreign Exchange built a cross-border financial blockchain service platform. This is currently a blockchain platform with a wide range of coverage in the domestic financial field. It is also one of the few blockchain platforms in China that is organized and constructed under the leadership of a national regulatory authority. . Starting from March 22, pilot projects will be launched in five cities including Shanghai, Chongqing, Nanjing, Hangzhou, and Fuzhou. After the State Administration of Foreign Exchange expanded the scope of the pilot this month, Xiamen was selected.

"Xiamen's foreign exchange receipts and payments account for more than half of the province's total." The relevant person in charge of the Xiamen Branch of the State Administration of Foreign Exchange said that as a pilot city, the establishment of the platform not only facilitates enterprises, but also improves the efficiency of banks' business operations, and has a positive impact on the city's outward-looking It plays a great role in promoting the development of the economy.

There are 10 banks in Xiamen participating in the pilot work, and three application scenarios have been approved, namely "export accounts receivable financing (after shipment)", "enterprise cross-border credit information authorization verification" and "import cash on delivery financing".

In traditional export trade financing, banks mainly rely on offline paper documents provided by enterprises to review and handle business, and there is a lack of verification channels. Nowadays, the platform integrates export customs declaration data with blockchain technology, uses the non-tampering characteristics of blockchain data, and promotes the "return of virtual reality" of funds through the integration of "goods flow, information flow, and capital flow", which will provide banks with The export trade financing authenticity review provides new channels and new methods, which greatly improves the bank's export trade financing business approval efficiency.

On the 10th, the first day of the platform's pilot launch, Xiamen Jimei Branch of the Industrial and Commercial Bank of China took the lead in using the platform to handle export invoice financing business for Chenzhan Optoelectronics (Xiamen) Co., Ltd. The entire process was operated online, and the company obtained financing of RMB 1.45 million in 10 minutes. Dollar.

Two days before the pilot, China Construction Bank Xiamen Branch set up platform functions for 70 branches under its jurisdiction, and handled 6 cross-border financial blockchain on-chain transactions for 4 customers on July 11, with a total amount of nearly 1.9 million US dollars. , the customer base covers state-owned, foreign-funded and private enterprises, becoming the bank with the largest number of pilot businesses and the largest number of pilot customers so far.

According to reports, the Xiamen Pilot Free Trade Zone Management Committee attaches great importance to the application of blockchain technology in financial scenarios. The Xiamen International Financial Assets Trading Center in the zone adopted blockchain technology for financial asset transactions in 2016. It was rated as one of the top ten financial innovation cases in our province’s free trade pilot zone, and launched the “Account Speed Rong” supply chain on March 11. The Financial Service System (FAST) introduces blockchain technology to help small and medium-sized enterprises in financing by serving upstream and downstream small and medium-sized enterprises of core enterprises.

The relevant person in charge said that in the next step, Xiamen will continue to use the blockchain pilot as an opportunity to innovate and serve the real economy. The Xiamen Pilot Free Trade Zone Management Committee is also actively promoting the construction of a "single window" blockchain service platform for international trade. The first phase will be used in two financial scenarios: service trade and foreign exchange payment.