The shanghai government has partnered with 6 banks in china to create an alliance for blockchain-based trade finance, in order to uphold president Xi's comment on China taking the lead in the blockchain.
The 6 banks include the People's Bank of China(PBoC) which signed a memorandum of understanding with the Hong Kong Monetary Authority (HKMA) to create a Proof-of-Concept for finance trading platforms during the China International Import Expo (CIIE) conference on Thursday.
(adsbygoogle = window.adsbygoogle || []).push({});The joint statement is said to introduce a blockchain-based finance system that will improve equality in trade finance and verify authenticity for trades.
The blockchain alliance is the first blockchain application project in customs and the first service project for the China International Import Expo (CIIE), according to Ye Jian, official from the General Administration of Customs of Shanghai
The blockchain-based finance system is set to kick off Q1 2020 awaiting other firms to join.
