Bank of Communications has launched a cross-border trade service solution built on the "Shubianda" (CBETS) blockchain infrastructure during the 26th China International Fair for Investment and Trade in Xiamen, according to ChainCatcher. The release was made under the guidance of the People’s Bank of China. The plan is aimed at cross-border trade settlement and compliance requirements, using on-chain rights confirmation and smart contracts to improve coordination across capital flows, information flows, and document flows. Built on the Shubianda platform, the solution supports participation by multiple parties and data sharing. It is designed for import and export companies, financial institutions, and regulatory authorities, offering services such as cross-border payments and receipts as well as trade background verification. The bank said the plan is intended to reduce compliance costs, shorten settlement cycles, and leave room for future integration with the digital yuan and cross-border financial infrastructure.
Bank of Communications has formally launched a cross-border trade service solution based on the "Shubianda" (CBETS) blockchain infrastructure at the 26th China International Fair for Investment and Trade in Xiamen, according to ChainCatcher. The release was made under the guidance of the People’s Bank of China.
The solution focuses on cross-border trade settlement and compliance needs. It uses tools including on-chain rights confirmation and smart contracts to improve coordination among capital flows, information flows, and document flows.
Built on Shubianda, the plan supports multi-party participation and data sharing. It is aimed at import and export enterprises, financial institutions, and regulators, and provides services including cross-border payments and receipts as well as verification of trade background information.
According to the report, the program is intended to lower compliance costs, shorten settlement cycles, and reserve expansion space for future connections with the digital yuan and cross-border financial infrastructure.
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