The Xiamen financial block chain platform for international trade recently opened six new application scenarios for companies' supply chain financing and banks' loan tracking, Xiamen Daily reported.
The six scenarios cover acceptance bills, commercial bills discounting, domestic letter of credit issuance, forfaiting, domestic account receivable factoring, and banks' loan tracking, and are available to all banks at no cost.
The administration of the Xiamen Area of China (Fujian) Pilot Free Trade Zone said that the six scenarios were developed by the local government and will set a good example nationwide.
One of the new application scenarios for supply chain finance, according to an official, has realized whole-process online management, which will improve the safety of banks' credit and service efficiency while lowering company and bank operating expenses and streamlining administrative procedures.
In addition, the Xiamen banking and insurance regulatory commission can log in the platform to conduct on-site or off-site monitoring.
The Xiamen Branch of China Construction Bank has been the first bank to connect its interior system with the new scenarios and has finished issuing a domestic letter of credit for 74.04 million yuan ($11.73 million), a forfaiting deal, a 5.7 million yuan loan tracking deal and 9.45 million yuan bill acceptance.
The Xiamen financial block chain platform for international trade introduced its first application scenario for domestic shipping payment with foreign currency on April 16, 2020, which was the first of its kind in China.
The latest efforts, which are also leading the country, will strengthen the digitalization of the Xiamen FTZ and boost the city's economic environment.
China announced and implemented on May 15 a policy allowing visa-free entry of foreign tourist groups aboard cruise ships via all cruise ship ports along the country's coastline.
China and Georgia are set to waive visa requirements for travelers starting May 28.
