Banking Regulatory Commission issued a document to regulate supply chain finance: encourage bank insurance institutions to embed new technologies such as blockchain into trading links

The China Insurance Regulatory Commission recently issued the "Guiding Opinions of the General Office of the China Banking Regulatory Commission on Promoting the Real Economy of Supply Chain Financial Services" to major banks and insurance companies. In strengthening the management and control of supply chain financial risks, the Opinions require strengthening the authenticity review: when conducting financial supply chain financing business, banking financial institutions should conduct due diligence and professional judgment on the authenticity and rationality of transactions. Bank insurance institutions are encouraged to embed new technologies such as the Internet of Things and blockchain into the trading session, using mobile sensing video, electronic fences, satellite positioning, and radio frequency identification to remotely monitor logistics and inventory goods to improve the level of intelligent risk control.