5 scenarios of cross-border financial blockchain landing

According to news on November 3, data showed that as of the end of September this year, China’s Chongqing Foreign Exchange Administration had a total of US$22.3 billion in facilitating cross-border trade financing and settlement. Chongqing has become one of the provinces and cities with the most application scenarios in the country.

Cross-border financial blockchain service platform. The State Administration of Foreign Exchange is leading the construction. The first blockchain platform registered with the State Cyberspace Administration of China at the ministry level.

Introduction by the relevant person in charge of the International Revenue and Expenditure Office of the Chongqing Operation Management Department of the People’s Bank of China. There are currently 5 national application scenarios for the cross-border financial blockchain service platform.

They are respectively the application scenarios of export accounts receivable financing. Application scenarios for enterprise cross-border credit information authorization verification, application scenarios for facilitation of capital account income settlement and payment, application scenarios for electronic tax filing forms for service trade payments, and application scenarios for export credit insurance policy financing.

At present, five national application scenarios have been launched in Chongqing. Chongqing also has the only application scenario for financing settlement in the new western land-sea channel in the country, which is one of the provinces and cities with the most application scenarios in the country.

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