Xiamen’s Shumaotong platform has officially entered commercial operation during the 26th China International Fair for Investment and Trade, according to PANews. The platform is positioned as Xiamen’s cross-border trade digital yuan service innovation platform and is built on the CBETS cross-border settlement service platform developed under the digital yuan international operations center. Working with multiple commercial banks and payment institutions, it offers one-stop digital finance and trade support services for foreign trade companies and cross-border e-commerce merchants. The platform provides cross-border payment and settlement services based on both blockchain and centralized systems, and also includes smart contract-based “smart payment” functions. PANews said the system can support T+0 settlement, traceability, and lower foreign exchange and settlement costs. The platform has also completed signing agreements with several partner banks and companies including Ciyuan Chuhai, creating what was described as a commercial loop linking platforms, banks, and enterprises.
Xiamen’s Shumaotong platform officially began commercial operations during the 26th China International Fair for Investment and Trade, according to PANews on Sept. 11.
The platform serves as Xiamen’s cross-border trade digital yuan service innovation platform. It is built on the CBETS cross-border settlement integrated service platform developed under the digital yuan international operations center, and works with multiple commercial banks and payment institutions to provide one-stop digital finance and trade support services for foreign trade firms and cross-border e-commerce businesses.
Through CBETS, the platform offers cross-border payment and settlement services based on blockchain and centralized systems, along with smart contract-based “smart payment” capabilities. PANews said the platform can deliver T+0 settlement, traceable transactions, and lower foreign exchange and settlement costs.
Shumaotong has already signed agreements with several partner banks and companies including Ciyuan Chuhai, forming a commercial structure described as “platform + bank + enterprise.”
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