March 9, 2020 The People’s Bank of China is investing $4.7M into its blockchain-based trade finance platform.

China’s Central Bank, the People’s Bank of China (PBoC) has granted 32.35 million yuan or approximately $4.7M to its blockchain trade finance platform with the intent of improving access to financial tools for SMEs during the COVID-19 crisis. The platform was debuted in September 2018 and is primarily used by Chinese domestic banks and companies for trade information sharing. As of January this year, the Chinese new outlet, Xinhua News Agency, reported that 44 banks and 1,898 companies were using the network. The platform’s ability to increase payment efficiencies between banks and share trade data with all participants have been the reasons cited for this adoption, while it has also led to significant improvements in loan approval times which have decreased from in excess of 10 days to 20 minutes.