Chinese Banking Giant CCB Expands Blockchain Platform as Volume Breaks $53 Billion
China Construction Bank, one of the largest Chinese commercial banks, has expanded its trade finance blockchain platform with new abilities, including cross-chain and inter-bank transactions, as trading volume surpasses $53 billion.
Speaking in Beijing at the official launch of the upgraded platform BCTrade2.0, CCB vice president Ji Zhihong said the new platform will leverage blockchain technology to provide better financial services for Chinese exporters, according to a Chinese media report.
Launched in April 2018, the platform has to-date processed over $53.5 billion transactions between exporters, banks and non-bank financial institutions, he said.
The platform offers factoring and forfaiting services that enable exporters to get immediate cash by selling their medium and long-term receivables at a discount price.