Hainan launches cross-border financial blockchain service

The pilot phase of a blockchain service platform for national cross-border finance was launched by the Hainan branch of the State Administration of Foreign Exchange to facilitate the use of cross-border funds, reduce corporate financing costs, and improve financing efficiency.

At present, the platform has opened two application scenarios in its pilot phase, covering export receivables financing and enterprise cross-border credit information authorization verification, with two banks having been selected as business pilots. The first export account receivable financing business was successfully completed through the blockchain platform.

The biggest advantage of the platform is the use of the tamper-proof modification of blockchain data to simplify the process and improve efficiency through the function of data sharing and authenticity verification of customs declaration forms.

With the help of the blockchain platform and the optimization of financing business processes, companies can submit trade financing materials online and banks can directly verify the authenticity of information such as export declarations, reducing the entire business processing time to only 10 minutes.

In the future, the blockchain platform will be promoted to banks across the province and open more application scenarios, such as service trade external payments, to further enhance the level of trade and investment facilitation in Hainan province.