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China Looks to Implement Blockchain and A.I-based Solution in Cross-Border Financing

By Shannon Wilson | October 29, 2019

China is reportedly exploring the possibilities of blockchain and A.I-based implementations, in an attempt to enhance its cross-border financing process. 

Reported by Reuters on October 27, Lu Lei – Deputy Director of the Chinese regulator State Administration of Foreign Exchange (SAFE) – reportedly revealed that the nation is turning to blockchain and AI, as viable solutions to support the cross border financing, with a focus mainly on risk management applications.

Lei also disclosed that SAFE welcomes all fintech and AI-based to develop international finance and macro-prudential management.

The intention of innovation from the SAFE director is joined by comments from China’s President Xi Jinping, who has reportedly urged China-based organizations to speed up the adoption rate of blockchain across the nation. 

“We need to pay special attention to the rapid development of digital finance and fintech. […] When we are not entirely certain where a (new) form of business is heading, we must pay attention to risk management.” Lei further heavily stressed on how crucial risk management can be. 

Per Lei, capable financial infrastructure plays a fundamental role in manage risks. He further guaranteed to make Chinese capital markets available, including bonds, and consolidate investment channels for foreign investors.

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