Bay area trade finance blockchain
On November 9, 2019, the central bank has not launched digital currency
in 2014, the Central Bank of China set up a special research team to conct in-depth research on the framework of digital currency issuance and business operation, key technologies of digital currency, issuance and circulation environment, and legal issues
in January 2017, the central bank officially established the digital currency Research Institute in Shenzhen
in September 2018, the Institute of digital currency built a trade finance blockchain platform
On July 8, 2019, at the launching ceremony of the digital finance open research program and the first academic seminar, Wang Xin, director of the Research Bureau of the people's Bank of China, disclosed that the State Council has officially approved the research and development of the central bank's digital currency, and the central bank is engaged in corresponding work in organizing market institutions 
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benefits of digital currency
the digitalization of central bank's currency helps to optimize the central bank's monetary payment function, improve the central bank's monetary status and the effectiveness of monetary policy. The central bank's digital currency can become an interest bearing asset to meet the holder's reserve demand for safe assets, and can also become the lower limit of bank deposit interest rate. It can also become a new monetary policy tool
at the same time, the central bank can affect the bank deposit and loan interest rate by adjusting the digital currency interest rate of the central bank, and help to break the zero interest rate lower limit
Hello, where are the first batch of pilot cities of the central bank's digital currency? Do you think they are well deserved super first tier cities "Beijing, Shanghai, Guangzhou and Shenzhen"? I want to tell you that it's not all right. Except Shenzhen, the other three cities are Cheng, Suzhou and xiong'an new area. At present, Shenzhen is the earliest city to launch digital currency. On October 9, Shenzhen issued 10 million digital currency. 50000 people, 200 yuan per person, can enjoy the welfare, which is distributed to everyone free of charge through the way of wagging number. Here, I can only envy you. The implementation of digital currency is so fast. The friends in the pilot cities are lucky. I just want to watch you win the lottery
the first batch of pilot cities are selected in these four cities, which is the first step for digital currency to go to the whole country. When it matures in the future, it will be promoted to more pilot cities. So don't worry, just wait. Even if our city is not a pilot, it doesn't matter. Next time it will be our city. The pilot is just to test the stability of the system, and we don't have a great chance to get the red envelope of digital currency. There are so many people in Shenzhen, and only 50000 numbers are selected. Here we would like to express our support and thanks to the cities selected as the pilot cities of digital currency
in fact, the combination of blockchain technology and finance is not accidental. In short, blockchain is a distributed shared ledger and database, which is decentralized, tamper proof, traceable, etc. Finance is cooperation based on trust. These characteristics of blockchain lay the foundation for creating trust. Blockchain technology is of great significance in solving the financial problems of high credit risk, low capital utilization efficiency and high payment processing cost
in reality, bitcoin is not equal to blockchain, and digital currency is only one of the applications of blockchain technology in the financial field. In the fields of supply chain finance, payment and clearing, trade finance and financial transactions, "blockchain +" has rich application scenarios and imagination
let's start with supply chain finance. The core enterprises in the supply chain can transfer their credit to the micro enterprises through the blockchain, which can solve the financing problem of the micro enterprises to a certain extent. For example, Zheshang Bank has developed a receivables chain platform based on blockchain technology, which transforms the enterprise's receivables into electronic payment settlement and financing tools. ICBC e-letter network financing financial service platform launched by ICBC has registered more than 500 supply chain enterprises such as China Railway and China Merchants Group, and has issued more than 3 billion yuan of loans
in terms of trade finance, by recording the core documents and key processes of trade financing business, both sides of the trade can obtain real information, and with the help of intelligent contract, the application of blockchain technology can effectively promote the formation of market trust and rece the financing cost of enterprises. Data show that since the first phase of the trade finance blockchain platform project of the people's Bank of China was put into operation more than one year ago, more than 30000 businesses have been connected to the chain, more than 5000 businesses have occurred, and the business volume is about 75 billion yuan
instry insiders pointed out that although the application prospect of blockchain technology is broad, there are not many projects that are truly implemented and proce social benefits, and blockchain technology is in the early stage of development, which still needs to be treated rationally
the application fields of blockchain include digital currency, token, finance, anti-counterfeiting traceability, privacy protection, supply chain, entertainment, etc. with the popularity of blockchain and bitcoin, many related top domain names have been registered, which has a great impact on the domain name instry.
According to the overall plan of Beijing free trade zone, the implementation scope of the pilot free trade zone is 119.68 square kilometers, covering three areas : 31.85 square kilometers of science and technology innovation area, 48.34 square kilometers of international business service area (including 5.466 square kilometers of Beijing Tianzhu comprehensive free trade zone), and 39.49 square kilometers of high-end instry area
the development and utilization of the pilot free trade zone must comply with the relevant laws and regulations on land use, ecological environment protection and planning, comply with the land space planning, and meet the relevant requirements of economical and intensive land use
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construction of legal digital currency pilot zone and digital financial system:
according to the Chinese government website, on September 21, the State Council issued the overall plan of China (Beijing) pilot Free Trade Zone, which is clear in deepening the opening and innovation of financial field and will promote the innovation of financial science and technology. Around the payment and clearing, registration and trusteeship, credit rating, asset trading, data management and other links, support the landing of major financial technology projects, and support the use of scientific and technological means to improve the service level of financial infrastructure
give full play to the role of the pilot mechanism of financial technology innovation supervision, and carry out financial technology innovation steadily on the premise of serving the real economy, controlling risks, and fully protecting the legitimate rights and interests of consumers
we will support the digital currency Research Institute of the people's Bank of China to set up a financial technology center, build a legal digital currency pilot zone and a digital financial system, and rely on the trade finance blockchain platform of the people's Bank of China to form a trade finance blockchain standard system and strengthen regulatory innovation. The pilot area of financial technology application scenarios is constructed, and the application scenario release mechanism is established
Yes, according to the Central People's government website, on September 21, the State Council issued a notice on printing and distributing the overall plan of Beijing, Hunan and Anhui pilot free trade zones and the regional expansion plan of Zhejiang pilot Free Trade Zone:
the implementation scope of the pilot free trade zone is 119.68 square kilometers, covering three areas: Science and technology innovation area of 31.85 square kilometers, The international business service area is 48.34 square kilometers (including 5.466 square kilometers of Beijing Tianzhu Comprehensive Bonded Zone), and the high-end instrial area is 39.49 square kilometers
the plan proposes to promote Beijing Capital International Airport and Beijing Daxing International Airport to expand the arrangement of air traffic rights including the fifth air traffic right; We will support the digital currency Research Institute of the people's Bank of China to set up a financial technology center, build a legal digital currency pilot zone and a digital financial system, and rely on the trade finance blockchain platform of the people's Bank of China to form a trade finance blockchain standard system and strengthen regulatory innovation
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function division:
the science and technology innovation area focuses on the development of new generation of information technology, biology and health, science and technology services and other instries, and creates a digital economy Experimental Zone, a global venture capital center, and a leading demonstration zone for science and technology system reform
the international business service area focuses on the development of digital trade, cultural trade, business exhibition, medical and health, international delivery logistics, cross-border finance and other instries, and creates the airport economic innovation leading demonstration area
the high-end instrial area focuses on the development of business services, international finance, cultural creativity, biotechnology and big health instries, and constructs the transformation bearing area of scientific and technological achievements, the cluster area of strategic emerging instries and the cluster area of international high-end functional institutions
In recent years, it has become a well-known fact that the wave of science and technology has changed the financial instry. Focusing on the application and research of big data, cloud computing, blockchain, artificial intelligence and other technologies in the financial field has become a hot spot, further giving birth to the new concept of financial technology. Financial technology covers a wider range of fields than Internet finance. Based on Internet technology, it uses more cutting-edge information technologies such as big data, cloud computing, Internet of things, blockchain and artificial intelligence to improve financial efficiency and create new value. Its main business fields include payment and settlement, fund raising, asset management and technical services
since 2017, the trend of financial technology has become more prominent. On the one hand, the people's Bank of China has formally established the financial technology committee, which defines the status of financial technology and its important role in driving financial innovation and better serving the real economy; On the other hand, the five major banks of instry, agriculture, China Construction, and communications have reached cooperation with the five Internet companies of Internet, Alibaba, Tencent, Jingdong, and Suning respectively, which shows that the banking instry attaches great importance to the field of financial technology and follows up quickly
according to relevant experts, new technologies such as big data, artificial intelligence and blockchain are becoming more and more mature and are being applied in the field of financial services to try to solve the security and trust problems between finance and real economy. This means that driven by financial technology, finance and the real economy are developing together, and a new era of service capacity and level is coming
1. Financial technology forces the transformation of banks' thinking mode: as the basic business of commercial banks, trade finance undertakes the comprehensive service connotation of payment, settlement, deposit, loan, financing and credit guarantee, and highlights its importance in bank operation with the advantages of strong debt pull, high income output and low resource consumption. Through financial technology, in addition to recing repetitive work, improving the accuracy of verification and the convenience of interaction, we can also mine previously imperceptible information, relationships and trends through the comprehensive analysis and application of structured and unstructured data, and mine new business opportunities on the basis of improving the ability of data acquisition, analysis and Application, so as to improve the ability of risk prevention and control. Therefore, trade finance business also needs to conform to the trend, change the mode, and use financial technology to improve the ability of trade finance services
With the development of network technology, banks have accumulated a certain amount of technology in the field of trade finance. For example, in the process of bank opening L / C, the application data can be directly extracted and transformed into L / C by using the relatively mature digital technologies such as OCR (optical character recognition) and ICR (intelligent character recognition), replacing the tedious manual input. In March 2017, the cross-border e-commerce payment system of China Everbright Bank was officially launched. The system is designed according to the characteristics of the one-stop demand of cross-border e-commerce, integrating the settlement and sale of foreign exchange, collection and payment. The third-party payment institutions can successfully complete the diversified operations of online settlement and sale of foreign exchange, collection and payment of foreign exchange, and provide the whole process of cross-border payment financial services for cross-border e-commerce payment transactions. The launch of the cross-border e-commerce payment system of Everbright Bank has opened up the domestic and foreign capital flow channels of the third-party payment institutions, and improved the bank's cross-border financial service system2. The banking instry actively tested the "blockchain + trade finance business": (1) domestic letter of credit . In July 2017, Minsheng Bank and China CITIC Bank pioneered the blockchain based domestic letter of credit information transmission system (BCLC) (phase I). This is the first time that the domestic banking instry has applied blockchain technology to the field of L / C settlement. It can not only shorten the sending time of the original paper-based letter of credit, but also make all aspects of the letter of credit more transparent and traceable, and avoid errors and fraud. In September 2017, Suning Bank successfully connected to BCLC. In April 2018, Ningbo Branch of Minsheng Bank successfully handled the first blockchain domestic letter of credit business through BCLC. The successful trial of the first blockchain domestic letter of credit not only effectively improved the efficiency of L / C issuance, improved the customer experience, but also broadened the trade and financial channels 2 Forfaiting transaction , in November 2017, China Construction Bank completed the first blockchain Forfaiting transaction (including the financing form of buying bills or buying out bills), with an amount of nearly 100 million yuan. This is another major breakthrough innovation of CCB in the field of "blockchain + trade finance" after the application of blockchain technology in the field of domestic letter of credit. In September 2017, Hangzhou United Bank joined the "China trade finance blockchain alliance" initiated by China Construction Bank to actively support the development of blockchain trade finance. In January 2018, Hangzhou United Bank and Zhejiang branch of China Construction Bank completed the first inter-bank blockchain Forfaiting transaction in China. With the help of trade finance blockchain, it connects the buying bank and the selling Bank of Forfaiting. Through online matching of transaction inquiry and quotation, online operation of process and other functions, it realizes the electronization of transaction documents and visualization of transaction process, effectively improves the timeliness, security and convenience, and shows the integration role of blockchain in financial technology, It also breaks through the cross system limitation of blockchain technology 3 International Factoring , in January 2018, China Construction Bank launched its first international factoring blockchain transaction, becoming the first bank in China to apply blockchain technology to international factoring business, and for the first time realizing the "fablock eco" with the direct participation of customers, factoring commercial banks and other parties in the instry. In the field of factoring, it creatively integrates both sides of the basic trade into the blockchain, and realizes the automatic identification and assignment of qualified accounts receivable through intelligent contract technology. The whole transaction is visualized and traceable, which effectively solves the operational problems of complicated message transmission and complicated right confirmation process in the development of factoring business, It is of great and positive significance to prevent the fraud risk in traditional trade financing and improve customer experience
3. Improving the ability of data becomes the core competitiveness of developing trade finance: Science and technology is not omnipotent, because of the inherent complexity of financial risk, financial risk will not disappear because of the development of technology. And with the rapid entry of Internet giants, financial technology companies, instry leaders and other non banking institutions, it will create a new competitive pattern. In addition, it is difficult to predict the risk generation mode, the change of transmission path and the acceleration of transmission speed that the new technology may bring. In such a competitive situation, banks must make full use of their own information base, and with the help of the favorable conditions of digital financial management carried out by a large number of enterprise customers, as well as the integration of procurement, proction, sales and financial data management, to comprehensively promote the digitization of trade financial services. With the help of financial technology to establish high-quality database, strengthen the basic ability of stable and fine data analysis, and provide long process and multi scene applications in trade finance services, providing data support for accurate prediction, accurate marketing, accurate innovation and accurate pricing