Tech firm launches block chain cross-border trade platform

China became the first in the world to adopt block chain cross-border trade digital service in financial areas, according to a conference to launch the service in Tianjin on Tuesday.

The conference was hosted by Tanjin Port Block Chain Pilot Lab, organized by Weiguan (Tianjin) Technology Development Co., Ltd. (WG Tech), and supported by China Silk Road Group, China Inspection and Certification Group (CCIC), Industrial and Commercial Bank of China (ICBC), China Zheshang Bank Co., Ltd., Hua Xia Bank Co., Ltd., Tianjin Binhai Rural Commercial Bank Corporation, Beijing Gunlei E-commerce Co., Ltd., Tianjin JiuCheYue Supply Chain Management Co., Ltd., Tianjin Binhai Shisheng Trading Group Co., Ltd., Zhenhua Logistics Group, Changjiu Industrial Group Co., Ltd., and Cosco Shipping Lines Co., Ltd.

Based on the creditable data of "block chain cross-border trade express platform", several innovate financial institutions have launched individually the tailored tech-fin product with innovative credit and risk control model to "chained" trade companies, which forms the integration of four flows, such as trade flow, cash flow, commodity flow and data flow.

The move not only breaks through the traditional financial model, but also enables financial institutions to facilitate the development of small and medium-sized trading enterprises via the third-party decentralized block chain platform. "Block chain cross-border trade express platform" will continue the further cooperation with different financial institutions to launch abundant tech-fin products for more trade enterprises via more brand-new financing options to meet their development needs.

WG Tech has built up the strategic co-operation partnership with Hua Xia Bank Co., Ltd., China Zheshang Bank Co., Ltd., and Tianjin Binhai Rural Commercial Bank Corporation based on the platform. These three banks have initiated separately their first high-value credit and released their own first loan to three trade enterprises to support their business development in "The Belt and The Road" countries, based on the credit assets of the trade enterprises, which have been distributed-stored in "block chain of cross-border trade express platform".

Tuesday's conference marked the platform's national and global promotion after its trial run on April 17th and appraisal-passed by local governance authority on August 1.

Chen Zhiyuan, president & CEO of WG Tech said the digital economy model of cross-border trade scenario, accompanied with block chain philosophy, will attract more enterprises and institutions in the total chain of cross-border trade to accumulate and launch various innovative tech-fin products, finally develop its unique new digital economy ecology. "WG Tech is looking forward to deep cooperation with more financial institutions, trade enterprises, logistics and storage enterprises, and even domestic and foreign customs of different cities to jointly construct the new cross-border trade digital ecology globally. Create the future together," he said.