The inter-bank blockchain forfaiting trading platform was transferred to the People’s Bank of China Clearing Center

According to the China Securities Journal, the People’s Bank of China Clearing Center has officially signed a blockchain forfaiting trading platform cooperation agreement with China Minsheng Bank, China CITIC Bank, and Bank of China. 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 credit system. The construction of related functions will make full use of the advantages of blockchain technology, and combine the multilateral trust, anti-tampering, consensus algorithm and other technologies of the blockchain with the electronic letter of credit asset transaction business to 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.