Xiamen FTZ launches blockchain trade finance platform
The Xiamen Free Trade Zone in Fujian province launched the first blockchain trade finance platform in China for cross-border supply chain on Nov 3.
The newly-released platform is an innovative one where blockchain technology is used for import financing, supply chain financing and cross-border trade financing.
The platform will help banks in Xiamen FTZ master goods movement, lower the cost of goods supervision, and improve their ability of preventing and controlling trade financing risks.
The Xiamen FTZ was selected as a pilot zone for national supply chain innovation and application this September.
Blockchain is an open, distributed ledger that can record transactions among different parties in a verifiable and permanent way, which can improve the efficiency of the sharing platform and supply chain is a system of organizations, people, activities, information, and resources involved in moving a products or services from suppliers to customers.
The above two are playing an increasingly important role in the financial industry.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.