Banking Regulatory Commission: Encourage bank insurance institutions to embed new technologies such as the Internet of Things and blockchain into trading links

On July 16, the Beijing Business Daily reporter learned from the industry that 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 commercial banks and insurance companies. [2019] No. 155). Circular 155 requires banking financial institutions to conduct due diligence and professional judgment on the authenticity and rationality of transactions when conducting supply chain financing business. 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.