Chinese Banks to Create Credit Blacklist on Blockchain

Suning Bank will place a list of suspicious borrowers in a distributed ledger to establish cooperation with other financial institutions
14 June 2018   799

The banking unit of Chinese retail giant Suning is testing a blockchain-based application that will allow banks to create a common list of customers with a bad credit history. This is reported by the CoinDesk.

According to the local edition of Sina Finance, Suning Bank will place a list of suspicious borrowers in a distributed ledger to establish cooperation with other financial institutions andd prevent fraud. Each participating institution becomes a node of the blockchain in the consortium and will have access to the original "black list" and will supplement it with their own data.

Suning Bank was founded in 2017. In September last year, together with the banks CITIC and Minsheng, it joined a consortium that uses a blockchain system to record transactions of domestic letters of credit.

In May 2018, the British fintech-company Billon announced the development of a solution for the Credit Information Bureau, which will store and delete client data using distributed registry technology.

Bank of China to Issue $2.8B Blockchain Bonds

Bank used its own DLT system to issue blockchain bonds
09 December 2019   67

The fourth largest state bank, the Bank of China, has issued two-year blockchain bonds for small businesses totaling $ 2.8 billion.

To issue digital certificates, Bank of China used its own blockchain system.

It is also the first blockchain-based bond issue accounting system in the country.
 

Bank of China

Securities will go on sale with an interest rate of 3.25% per annum.

Thus, the bank hopes to raise funds to support small businesses in the country. As of September, as part of this initiative, the bank provided loans to small and micro enterprises for a total of $ 57.7 billion.