The China Construction Bank, one of the largest commercial banks in the world by market capitalization, announced the release of the new version of its Blockchain-based platform for trade finance on October 9. As recounted by local news agency Xinhua, the original version of the platform had already accumulated a transaction volume amounting to 360 billion Yuan or $50 billion.
According to the news outlet, the platform dubbed as BCTrade 2.0 is responsible for digitizing services for trade and financial dealings. The report also claims that there are 54 CCB branches located domestically and internationally, with 40 external organizations such as foreign and state-owned banks that are using the Blockchain-based platform.
Aside from conducting trade and financing transactions, BCTrade 2.0 reportedly aims to establish a regulatory system for the industry of trade finance, which would ultimately enable participants to monitor their financial activities in real-time. Ju Zhihong, deputy governor of the CCB, said that Chinese exporters could expect better financial services and guidance. He also added that the bank would work on encouraging more industry players to join and help in the promotion of the Blockchain platform.
Last March, the bank also disclosed via a report that the original version of BCTrade 2.0 had already accumulated around 200 billion yuan or $30 billion in transaction volume in 2018.
The press release of the CCB also includes the confirmation that the development is in line with the country’s “One Belt One Road Initiative,” which aims to establish, promote, and boost real economy in China.