PBoC launches first phase of blockchain trade financing platform
Platform could help increase access to finance for SMEs
The People’s Bank of China has launched the first phase of a blockchain initiative aimed at increasing trade between its neighbours and lowering transaction costs for small and medium-sized enterprises.
Launched earlier this month, the ‘Greater Bay Area Trade Finance Blockchain Platform’ will look to better connect China’s Guangdong province with Hong Kong and Macao. The region has become a focus for Chinese efforts to promote technology, as a rival to San Francisco’s Bay Area.
The project is
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