China CITIC Bank praises the success of blockchain payment platform in Xiong’an

CITIC Bank, Ltd. welcomed the results of the blockchain payment platform that was first introduced in Xiong’an about a year ago in order to respond to the continuous situation of construction projects in Xiong’an.

At the beginning of 2020, CITIC Bank succeeded in launching “Xiong’an New District Building Design Fund-based Takahiradai” and became the first “on-chain” lender in the region.

CITIC will use this platform to facilitate payments to the accounts of builders and material suppliers for local construction projects in Yuan New Zone, involving local governments, construction companies, contractors, subcontractors and construction staff.

As a recently launched urban development zone, Xiong’an is a hotbed for construction projects. In 2020, 147 construction projects were launched in the region with a total contract value of 68.3 billion yuan.

China CITIC Group is a collaborative partner of the project, which is equivalent to about half of the total contract value, and its blockchain platform is used to process about 100,000 transactions worth over 14.6 billion yuan. Stated.

“Compared to the traditional payment environment, CITIC Bank’s use of the blockchain system provides the functions of fund traceability, confidentiality, transparency, and controllability,” said the head of the Xiong’an branch. Li Jin said. CITIC Bank, Securities Daily..

“We will also apply the latest technology to the development of new area smart cities for closer integration of technology and operations.”

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https://www.chinabankingnews.com/2021/06/17/china-citic-bank-hails-success-of-blockchain-payments-platform-in-xiongan-new-area/ China CITIC Bank praises the success of blockchain payment platform in Xiong’an

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