A blockchain alliance for Shanghai's e-port area has been established by the Shanghai Municipal Commission of Commerce, Shanghai Customs and six banks, including the People's Bank of China and Bank of Communications, in an attempt to encourage the use of blockchain for global trade. The partnership will be led by a joint venture between Shanghai Port Group Co., Ltd., which is owned by the city government, and China's largest bank, CBA Group. A trial blockchain system was also tested for cross-border financial services in Nanning, in the Guangxi autonomous region of south China.
A blockchain alliance for Shanghai's e-port area has been established by the Shanghai Municipal Commission of Commerce, Shanghai Customs and six banks, including the People's Bank of China and Bank of Communications, in an attempt to encourage the use of blockchain for global trade. Blockchain has already been successfully introduced in the cross-border yuan trade financing service for Shanghai, according to a customs official. A trial blockchain system was also tested for cross-border financial services in Nanning, in the Guangxi autonomous region of south China.