Reuters, Hong Kong, September 20-ICBC (Asia), a branch of Industrial and Commercial Bank of China in Hong Kong, said on Monday that it has recently completed the first blockchain cross-border RMB letter of credit transaction to pay for imported iron ore.
ICBC (Asia) stated in a statement that in this transaction, the bank, through the financial technology company CONTOUR, assisted the bulk commodity trading platform-Jidong Development (Hong Kong) International Co., Ltd. to directly open a large upstream mining company in a foreign country. The digital renminbi letter of credit, which is used to pay for imported iron ore, fully meets the needs of Jidong Hong Kong for cross-border renminbi payment and settlement in bulk commodity transactions.
“This transaction integrates innovative technologies into traditional trade financing business, which will help promote the construction of a trade financing ecosystem and the expansion of cross-border RMB business.” The bank added.
Lu Lei, executive director of Jidong Hong Kong, said that this transaction is not only the first successful cooperation between the company and the world‘s mining giants in the fields of RMB internationalization and trade finance digitalization, but also a model for all parties to further use blockchain technology to create new digital technologies. . (over)
Reporter Lei Meizhen; Reviewer Liang Huiyi
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