Photo/Shetuwang

Jan. 3 (NBD) -- Guangdong, the coastal province in south China, on Thursday launched a blockchain-based financing platform that will help small- and medium-sized enterprises (SMEs) in the region to get loans faster from commercial banks.

The new platform has created profiles and credit ratings for small businesses based on information of the province's over 11 million companies which is collected via a blockchain network from 26 government agencies. Moreover, the platform has been connected to Guangdong's 129 financial institutions such as Industrial and Commercial Bank of China, China Construction Bank, and Ping An Bank, offering 319 financial products, according to media reports.

Such mechanism is aimed to streamline the process for small businesses to borrow money from banks. Noticeably, the blockchain-driven platform accepted and approved the first unsecured credit line within 3 minutes.

As an important financial infrastructure of the Guangdong-Hong Kong-Macao Greater Bay Area, the platform in the future will link with the trade finance platforms in Hong Kong and Macao, in a move to build an integrated system in the area.

Email: lansuying@nbd.com.cn