China Construction Bank (CCB), the global’s 2nd biggest bank, by operating assets, has formally launched its blockchain-based refactoring platform.
Aiming at commercial factoring business, CCB seeks to support operations and lessen major risks in its refactoring business while providing shared knowledge access by multiple participants, Chinese news outlet Sina Tech reports December 6
Factoring companies act for third parties that buy businesses’ invoices at a reduction to assist those businesses to raise funds.
China Construction Bank’s blockchain trading platform reached fifty(50) billion dollars in increasing volume in October
The news comes after China Construction Bank formally released the 2nd version of its blockchain trading platform in October. Nicknamed BCTrade 2.0, the product supposedly reached 50 billion dollars in increasing transaction volume. Per sources, China Construction Bank’s blockchain trading monetary platform supposedly expedited domestic letters of forfaiting, solvency, international factoring including refactoring.
By applying BCTrade, China Construction Bank, one amongst the “big four” banks in the People’s Republic of China, permits conversion of trade and monetary services between more than fifty-four (54) domestic and foreign establishments, as well as several state-run and foreign banks, according to a report.
Chinese banks and blockchain
China Construction Bank’s new attempts in blockchain comes to manifest alongside a report on the Bank of China investing $2.8 billion in blockchain-based special monetary bonds for small and micro-enterprises. As originally announced by Sina Finance, the funds are explicitly used to issue loans to these Chinese small and micro-sized firms to support their continued growth in the economy.
Meanwhile, the People’s Bank of China, China’s financial organization, is supposedly aiming to launch a digital token to challenge the U.S. dollar