Deputy Director of the State Administration of Foreign Exchange: The participants in the cross-border blockchain platform should continue to be expanded, and a cross-border credit service system should be gradually formed

According to recent news from the media, Zhang Xin, deputy director of the State Administration of Foreign Exchange, said that under the traditional trade financing model, there are certain obstacles to the pledge financing of cross-border receivables of SMEs. On the basis of full investigation, we have explored the use of blockchain technology in the cross-border field to build an information sharing platform, which has improved financing efficiency. In the next step, we should continue to broaden the participants of the cross-border blockchain platform, expand the data resources involved in cross-border trade finance, promote the convenience of payment financing application scenarios, and gradually form a cross-border credit service system.