Public Blockchain network Zetrix has confirmed the start of a pilot project offering supply chain financing products in conjunction with Chinese banks for international importers and exporters.
Beginning with the Bank of China as the first financial institution to be onboarded, the end-to-end solution offers a soft landing for trading firms with fully digital onboarding, including registration of a Chinese legal entity, bank account opening and credit assessments.
China is a world leader in Blockchain adoption, and the government is actively supporting the development of the Blockchain industry.
Zetrix hosts the international supernode of China’s national Blockchain Xinghuo BIF and is focused on enabling global trade through its connection.
Zetrix’s commitment to localisation is further strengthened by its partnership with Dixchain, a national level high-tech enterprise in China that integrates financial technology and financial services, focusing on providing comprehensive digital solutions for global cross-border trade and finance.
“This is a game changer. By tracking and verifying the transactions onchain, banks will be able to reduce their risks, enhance their ESG ratings and, in turn, reduce the overall cost of financing for end-users.
“Trading companies can also leverage on the interest rate differentials their respective countries, as well as widen their financing options,” said Zetrix founder TS Wong.
The pilot is pitched as providing more efficient and convenient cross-border financial services for trading enterprises, introducing lower cost overseas RMB funds, helping enterprises obtain lower cost financing and increasing cross-border trade transaction volume.
