Guiding Opinions of the China Banking Regulatory Commission, the Ministry of Commerce, and the State Administration of Foreign Exchange on Improving Foreign Trade Financial Services: Encourage banks and insurance institutions to actively explore modern information technologies such as blockchain

On December 26, the China Banking Regulatory Commission, the Ministry of Commerce, and the State Administration of Foreign Exchange issued guidance on improving foreign trade financial services. The guidance pointed out that information technology applications should be strengthened. Encourage banks and insurance institutions to further strengthen the construction of business systems, and achieve rapid exchange of trade information and online trade background review through direct connection between banks and enterprises and direct connection between banks and insurance companies. Encourage banks and insurance institutions to integrate online and offline service resources, provide customers with more channels for online self-service transactions, and improve service efficiency. Banks and insurance institutions are encouraged to strengthen the accumulation and analysis of foreign trade financial business data to provide necessary support for risk identification, measurement, monitoring, control, and business resource allocation. Encourage banks and insurance institutions to actively explore the application of modern information technologies such as big data, blockchain, biometrics, and artificial intelligence in foreign trade financial services.