Babbitt Column | How Cross-border Financial Blockchain Service Platform Achieves Cross-border Receivables Financing and Trade Linkage
I. Introduction of cross-border financial blockchain service platform
The cross-border business blockchain service platform is initiated by the State Administration of Foreign Exchange, and the local foreign exchange management bureaus and banks participate in the joint construction and “regulation of services” business processing platform. On March 22 , 2019, the platform pilot work officially opened. . The purpose is to rebuild the existing export receivables trade financing process based on the background of current foreign exchange business policies, and gradually establish a national unified cross-border business blockchain service platform to support the market entities. Cross-border business handling, effectively serve the real economy, and focus on solving the problem of financing difficulties and financing for SMEs.
At present, the cross-border financial blockchain service platform pilot includes three business scenarios, namely, “export receivables financing (after delivery)”, “enterprise cross-border credit information authorization verification” and “imported cash on delivery financing”. Among them, the business scenarios of “export receivables financing (after delivery)” and “enterprise cross-border credit information authorization verification” have been opened, and the “imported cash on delivery financing” business scene has not been opened yet .
By reducing the risk of trust in data security, the pilot platform gradually explores the realization of blockchain technology to enable financial innovation. At the same time, through the real logistics, information flow, and capital flow, the “three streams are one”, and the funds are “deactivated” . Submitting corporate financing applications on the platform, accepting financing, verifying the authenticity and uniqueness of the customs declaration, and then going to the financing review and registration and lending, the entire export receivables financing business process is clear and concise, greatly improving the bank's trade background. The accuracy of the sexual review and the efficiency of the financing business .
Second, the reasons for the establishment of cross-border financial blockchain service platform
The reason for setting up a cross-border financial blockchain service platform is to realize the anti-counterfeiting traceability of transaction information under the support of blockchain technology on the one hand , and to realize the inter-enterprise, enterprise and financial institutions under the technical background of blockchain technology. On the other hand, through the credibility of government credibility, the parties to the transaction can confidently access their business flow information to the blockchain platform, completely eliminating the obstacles to the formation of financial information through transaction information asymmetry .
In the traditional import and export trade financing, financial institutions such as banks rely mainly on paper documents provided by enterprises for auditing and processing, and lack of other verification channels . At the same time, due to the independent business between financial institutions , the trade involves real logistics, capital flow, information flow, long transaction chain, wide scope , and information sharing between financial institutions is not shared, asymmetry , often there is trade background authenticity And verification problems such as repetitive financing, these are important factors that make financial institutions difficult to lend and difficult for corporate financing, including:
Due to the high difficulty and high cost of verification, most financial institutions in the market continue to relax trade requirements, and even evolve into the independent guarantee commitment of the main body of the enterprise (such as legal representative and actual controller) to replace the trade background essence of each financing. Verification.
In addition, the review of the background of the trade receivables in the shortest time is also the biggest difficulty and pain point in the trade finance project.
Therefore, cross-border trade financing, such as difficulty in authenticity review, low efficiency of business processing, repeated financing, and difficulty in supervision , ultimately increase the financing cost of enterprises, while the lack of substantive verification of trade background authenticity and the neglect of risk control, Leading to trade financing fraud cases, and even financial crimes emerge one after another.
In fact, only when the transaction information is transparent and transparent, the financing efficiency can be truly improved, and the commercial demand of trade financing can be met. Only by truly putting the authenticity of the trade background in place can truly verify the authenticity of the trade background and ensure the safety of trade finance. Efficient.
Author: Chen Yunfeng