Re-expansion of the State Administration of Foreign Exchange's cross-border blockchain platform

The State Administration of Foreign Exchange is exploring the use of blockchain technology to help cross-border financing for SMEs. Zhang Xin, deputy director of the State Administration of Foreign Exchange, said recently that the foreign exchange bureau had launched a cross-border financial blockchain service platform on March 22 this year, and was the first to pilot in seven provinces (municipalities) and 14 corporate banks. Recently, the platform has been expanded to 17 provinces (municipalities, autonomous regions). As of November 20, the platform has accumulated a total of 8.214 billion US dollars (including RMB 6.275 billion) of receivables financing, and a total of 1,590 service enterprises, of which SMEs accounted for about 70%.