PETALING JAYA, Malaysia, Nov. 4, 2023 /PRNewswire/ — Zetrix, a leading public blockchain platform that is powering digitisation of cross border trade, today announced the commencement of a pilot project to offer supply chain financing products in conjunction with Chinese banks for international importers and exporters.
Starting with the Bank of China as the first financial institution to be onboarded under the project, 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. Approved clients will enjoy low-cost financing and quicker release of drawdowns as the service leverages on-chain events recorded and verified on Zetrix.
China has undergone rapid digital transformation in recent years, with most services, including financial services, now being delivered online and capitalising on the advantages of blockchain technology. China is a world leader in blockchain adoption, and the government is actively supporting the development of the blockchain industry.
Zetrix is a public blockchain network that also hosts the international supernode of China’s national blockchain, Xinghuo Blockchain Infrastructure and Facilities (“Xinghuo BIF”). It is focused on enabling global trade through its connection to Xinghuo BIF. Zetrix provides users with access to a secure and reliable blockchain platform that is endorsed by the Chinese government.
Zetrix’s commitment to localisation is further cemented by its partnership with Dixchain, Dixchain is 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 on several fronts. By tracking and verifying the transactions onchain, banks will be able to reduce their risks and enhance their ESG ratings, hence, in turn, reducing 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,”explained TS Wong, founder of Zetrix.
The pilot will provide more efficient and convenient cross-border financial services for trading enterprises, introduce lower cost overseas RMB funds, help enterprises to obtain lower cost financing, and increase cross-border trade transaction volume.
About Zetrix
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.
Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
About DixChain
Dixchain is a national high-tech enterprise in China that integrated financial technology and financial services, focusing on providing comprehensive digital solutions for the global cross-border trade and financial field, with a number of independent R&D platform-level fintech products including the integrated service platform of domestic and cross-border supply chain business, the cross-border financial assets exchange platform, etc, The core team background comes from Forture Global 500 senior management. The company has the R&D and delivery capabilities of AI, big data, blockchain, biometric identification, identity authentication and other related technology products. At the same time, with the strong experience on international leading cross-border financial service operation and the outstanding capability of internationalization resource integration, the company provides the highly efficient, safety, convenient, and economic cross-border trade data verification, logistics traceability, trade financing, cross-border payment, asset transaction, fund settlement and other services to the global trade enterprises and financial institutions.
About Bank of China
As China’s most globalised and integrated bank, Bank of China (BOC) has institutions across the Chinese mainland as well as 62 countries and regions, and BOCHK and the Macau Branch serve as local note-issuing banks in their respective markets. The BOC has a well-established global service network and an integrated service platform based on the pillars of its corporate banking, personal banking, financial markets and other commercial banking business, which covers investment banking, direct investment, securities, insurance, funds, aircraft leasing, asset management, financial technology, financing leasing and other areas, thus providing its customers with financial solutions featuring global expertise and all-round services accessible at any point of contact.