China launches blockchain SME financing

China Construction Bank Launches Blockchain Refactoring Platform ...
China’s Guangdong province launched a blockchain platform called " the Guangdong Provincial Small and Medium Enterprise Financing Platform" for small and medium enterprise financing. The platform implements credit analysis and evaluation of SMEs for faster processing of loans. The Guangdong SME Financing Platform enables credit analysis by connecting to 213 types of data from 26 government departments and collects information on 11 million SMEs across the province. For loan disbursal, the platform connects to 129 banks such as the China Construction Bank, ICBC and Ping An Bank. To help with credit analysis, the platform has been linked with Ant Financial and Baixing Credit Reporting. Additionally, the platform has launched numerous financial products, including direct financing, indirect financing, and supply chain financing. The platform allows banks in China to query different government organizations to gather data about SMEs. This speeds up loan approval and disbursal with the blockchain providing a ted communication infrastructure.


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