Using blockchain technology, China has created a digital financial service platform aimed at facilitating the development of freight operations on rail routes between China and Europe.
The platform was created by the State Office of Currency Control of the People's Republic of China. Acting on a one-stop-shop basis, the platform provides comprehensive digital financial services, including filing applications for financing and lending, said Liang Hong, representative of the People's Bank of China (Central Bank) branch in Xi'an, the capital of Shaanxi province in the north west of China.
As of Wednesday, 30 enterprises in industries such as logistics and cross-border trade have received financial support through this platform totaling 1.25 billion yuan (approximately US $ 194 million), Liang Hong noted.
Blockchain technology is particularly effective in data authentication and re-financing supervision. The above platform aims to improve the ability of banks to prevent and control credit risks, develop more credit products and reduce financial costs for businesses.
According to Liang Hong, interested financial departments are ready to further optimize the platform in order to provide more convenient services to enterprises. In addition, efforts will be made to encourage banks to develop personalized financial and settlement products in accordance with the needs of companies involved in the entire China-Europe rail freight chain.
