Malaysia’s MY E.G. Services blockchain unit Zetrix, has 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, MY E.G. said in a statement last Friday.
According to the statement, approved clients will enjoy low-cost financing and quicker release of drawdowns as the service leverages on-chain events recorded and verified on Zetrix.
It also noted that China is a world leader in blockchain adoption, and the government is actively supporting the development of the blockchain industry.
It is noted that Zetrix is a public blockchain network that also hosts the international supernode of China’s national blockchain, Xinghuo Blockchain Infrastructure and Facilities (Xinghuo BIF).
The platform 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 localization is further cemented by its partnership with Dixchain, who is a national level high-tech enterprise in China that integrates financial technology and financial services, focusing on providing comprehensive digital solutions for global crossborder trade and finance.
“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.
According to the statement, 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.
Zetrix is a public blockchain platform that is powering digitization of cross border trade.
It is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability.
Developed by MY E.G., 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).
Bank of China 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.
Bank of China has a 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.
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 crossborder trade and financial field, with a number of independent research and development (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 company has the R&D and delivery capabilities of artificial intelligence (AI), big data, blockchain, biometric identification, identity authentication and other related technology products.
At the same time, the company provides 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.