President Xi’s Blockchain Strategy Unfolds As China Exim Bank Executes Cross-border Payment Using New Tech
The Export-Import Bank of China (China Exim Bank) has completed its first exchange payment using blockchain technology.
Traditionally, businesses must file a request with the tax department and submit a filing form to the bank in order to complete foreign exchange payments.
The new blockchain model has helped the bank to cut down on the time taken to make multiple round trips, reducing audits and improving transaction costs as a new blockchain-enabled process.
China Exim Bank has adopted Blockchain Tech for cross-border payments with a vision to enhance processes related to finance, improvement of mass transit and alleviation of poverty.