PETALING JAYA, Malaysia, November 4, 2023 /PRNewswire/ — Zetrix, a leading public blockchain platform driving the digitalization of cross-border commerce, today announced the launch of a pilot project to offer supply chain finance products in collaboration with Chinese banks for international importers and exporters.
Starting with the Bank of China As the first financial institution to be integrated under the project, the end-to-end solution provides a soft landing for trading companies with fully digital integration, including Chinese legal entity registration, opening of a bank account and credit evaluations. Approved customers will benefit from low-cost financing and faster unlocking, as the service leverages on-chain events recorded and verified on Zetrix.
China has undergone rapid digital transformation in recent years, with most services, including financial services, now delivered online and leveraging the benefits of blockchain technology. China is a global leader in blockchain adoption and the government actively supports the development of the blockchain industry.
Zetrix is a public blockchain network that also hosts the international supernode of China national blockchain, Xinghuo Blockchain Infrastructure and Facilities (“Xinghuo BIF”). It aims to facilitate global trade through its connection to the Xinghuo BIF. Zetrix provides users with access to a secure and reliable blockchain platform approved by the Chinese government.
Zetrix’s commitment to localization is further strengthened by its partnership with Dixchain, Dixchain is a national-level high-tech company in China which integrates financial technology and financial services, focusing on providing comprehensive digital solutions for global cross-border trade and finance.
“This is a game-changer on several fronts. By tracking and verifying on-chain transactions, banks will be able to reduce their risks and improve their ESG ratings, thereby reducing the overall cost of funding for end users.” also take advantage of the interest rate differentials of their respective countries, as well as expand their financing options,” explained TS Wong, founder of Zetrix.
The pilot project will provide more efficient and convenient cross-border financial services for commercial enterprises, introduce foreign RMB funds at lower costs, help enterprises obtain financing at lower costs, and increase the volume of cross-border commercial transactions.
About Zetrix
Zetrix is a Layer 1 public blockchain that facilitates smart contracts and provides privacy, security and scalability. Zetrix’s crypto infrastructure can be introduced across multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.
Developed by MY EG Services Bhd, cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global commerce by deploying critical building blocks for Web3 services such as blockchain-based identifiers (BID) and verifiable credentials (VC).
About DixChain
Dixchain is a domestic high-tech enterprise in China which integrates financial technology and financial services, focusing on providing comprehensive digital solutions for global cross-border trade and financial field, with a number of independent R&D platform-level fintech products, including the integrated service platform for domestic and cross-border supply chain activities. , the cross-border exchange platform for financial assets, etc. The core team’s experience comes from the senior management of Forture Global 500. The company has the R&D and delivery capabilities in the areas of AI, big data, blockchain, biometric identification, identity authentication and other related technology products. At the same time, with its strong experience in leading cross-border financial services operations and outstanding internationalization resource integration ability, the company provides highly efficient, secure, cross-border business data verification. convenient and cost-effective, logistics traceability, trade finance, cross-border payment, asset transaction, fund settlement and other services for global trading companies and financial institutions.
About the Bank of China
As China most globalized and integrated bank, Bank of China (BOC) has institutions throughout mainland China as well as 62 countries and regions, and BOCHK and Macau Branches serve as local note-issuing banks in their respective markets. BOC has a well-established global service network and an integrated service platform based on the pillars of its corporate banking, personal banking, capital markets and other commercial banking businesses, which cover investment banking, direct investment, securities, insurance, funds, aircraft. leasing, asset management, financial technology, leasing and other areas, thereby providing its customers with financial solutions with global expertise and comprehensive services accessible at any touch point.
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SOURCE Zetrix
