The China Banking Association (China Merchants Bank) has launched an interbank blockchain platform, with CBA and the Industrial and Commercial Bank of China completing the first domestic letter of credit chain. China Merchants Bank said 10 banks had finished the platform's network test by 29 December. It aims to use the technology to prevent and control financial risks, as well as accelerate financial reform in the country. It wants most small and medium-sized banks to join the platform this year.
The China Banking Association (CBA) has launched an interbank blockchain platform, with China Merchants Bank and the Industrial and Commercial Bank of China completing the first domestic letter of credit chain. CBA said 10 banks had finished the platform's network test by 29 December. It aims to use the technology to prevent and control financial risks, as well as accelerate financial reform in the country. It wants most small and medium-sized banks to join the platform this year.