Director of Science and Technology Department of the State Administration of Foreign Exchange: Cross-border blockchain platform helps SMEs trade financing

According to the financial electronic news, recently, Zhang Tiecheng, the director of the Science and Technology Department of the State Administration of Foreign Exchange and the director of the Foreign Exchange Business Data Monitoring Center, issued a text on the foreign exchange bureau's cross-border financial blockchain service platform. Talking about the effect of cross-border blockchain platform application, he said that 1. It helps to alleviate the difficulty of cross-border financing for SMEs. From the perspective of the effect, the cross-border blockchain platform reduces the burdensome work of printing paper materials and manual submissions by companies, simplifies the complex process of manual verification and on-site verification by banks, greatly shortens the financing application cycle, and effectively reduces corporate financial costs ; End-to-end information verification mechanism has improved the success rate of corporate financing. 2. Effectively reduce the risk of bank financing business. On the one hand, the pledged information provided by the cross-border blockchain platform is authentic and credible; on the other hand, the real-time interaction and effective verification of interbank financing information helps to curb the repeated financing risks in a timely manner. 3. Significantly improve the efficiency of bank financing business. The batch verification of trade financing provided by the cross-border blockchain platform is highly efficient and credible. 4. Adhere to the management concept of supervision over service, and further strengthen the supervision means during and after the event.