Origins[ edit ] Inthe chairman of CITIC group at the time, Rong Yiren, requested that the Chinese government create a banking division under his company, in order to fully embody the needs for foreign exchange. At this point, the bank was based on the original finance department, expanding its operations regarding external financing, foreign exchange transactions, loans, international settlement, finance leases and deposits. In Aprilthe bank was formally established as a separate legal entity, following approval from the People's Bank of China and the Chinese State Council. In Julythe bank improved its international standing by ranking st on the "Top World Banks" list released by The Banker magazine of the United Kingdomranking within the top for the first time.
CMB launched it for foreign currency-denominated cross-border clearing in Februarythe first Chinese bank to do so.
Yuan-denominated cross-border clearing was launched in December that year. The platform is meant to replace a centralized clearing system, which involves costly processing, such as accounts reconciliation and sending reports.
We were concerned with whether the platform would be stable enough - Hou Tingwei, CMB Given the need to share a lot of transaction information among many counterparties, the bank decided decentralized-ledger technology DLT made sense.
It launched its platform after three months of testing. Will other banks join? Hou says CMB now intends to add participants. The next version should launch this summer, at which point CMB wants to get other institutions involved.
Getting banks to work together on blockchains remains a big hurdle. Rivals are pushing their own platforms. Agricultural Bank of China puts unsecured loans to farmers on its blockchain.
Banks need to trust each other more - Carl Wegner, R3 So far they are largely chasing their own niche markets, but none have yet to combine in a meaningful way on a single platform.
Carl Wegner, managing director of DLT consortium R3, says that some of the Chinese banks are the most innovative in the world in blockchain technology. Another smaller institutions or foreign banks funnel trades through these primary members, so CMB has a built-in network.
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Can DLT marry banking services? Some blockchain developers are skeptical decentralized ledgers will be suitable to all of these tasks.
It allows nodes to verify and time-stamp information. Most customers trust their banks. CMB has anonymized transaction entities.
DLT requires every trade be transacted on the chain, tying up capital that could be used elsewhere and slowing the system with a lot of activity.
Hou says CMB is using its blockchain as a communication platform that provides users with a proof of settlement.CMB Zhangzhou Branch holds SME busi Ma Weihua: The Strong Growth for th Micro-loans to attract banks CMB challenges Ctrip and Mangocity.
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