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New blockchain based platform in China mooted

China’s self-regulatory bank organization the China Banking Association (CBA) will launch a blockchain-based platform to improve efficiency across the sector. The project, formally dubbed the ‘China Trade Finance Inter-bank Trading Blockchain Platform,’ aims to use blockchain to target trade finance, transactions and other financial services. Several banks, including HSBC, Bank of China ND PingAn Bank, have signed up to pilot the platform. According to HSBC China vice president and head of industrial and commercial finance Fang Xiao, the setting up of this inter-bank platform can be described as extraordinary, opening up barriers between different banks and realizing the interflow of information.

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