A blockchain trade finance platform spearheaded by China’s central bank has entered the testing phase ahead of an official roll-out.
According to a report from 21st Century Business Herald on Tuesday, the first phase of the so-called Bay Area Trade Finance Blockchain Platform is already deployed across financial institutions in the southern city of Shenzhen and is currently undergoing final trials.
The Bay Area in Southern China is an economic development zone consisting of major cities along the Pearl River and the special administrative regions of Hong Kong and Macau.
The trade finance project was jointly pushed through and coordinated by the Digital Currency Research Lab of the People’s Bank of China and the central bank’s Shenzhen branch, the report indicates. Major commercial banks in the country, including the Bank of China, the Bank of…