Xi'an Branch of the People's Bank of China leverages the advantages of blockchain technology to significantly improve bank risk control capabilities

Xi'an Branch of the People's Bank of China (Shaanxi Branch of the State Administration of Foreign Exchange) focuses on the difficulty and expensive financing of cross-border financing for small and medium-sized enterprises. The Shaanxi Branch actively strives for and steadily organizes the pilot work of the blockchain service platform for cross-border business of the State Administration of Foreign Exchange. Since May 8th, pilots have been carried out in 11 banks in Xi'an, and on July 8th they have been expanded to 20 banks in the province. The platform leverages the advantages of blockchain technology to significantly improve banks' risk control capabilities. Bank review time has been reduced from a few days to less than 10 minutes, which has significantly shortened the corporate financing cycle and effectively increased cross-border financing supply. As of the end of October, the province had used the platform to realize a total of 47 pledged financing of export receivables, amounting to USD 17.48 million, and 18 service companies.