A blockchain platform trial runs in Ningbo to facilitate faster cross-border payments and trade finance. [Photo/WeChat account: nbfb0574]

A blockchain platform is currently trial running in Ningbo, East China's Zhejiang province to facilitate faster cross-border payments and trade finance.

As of the end of May, a total of 633 enterprises in the city had received $1.449 billion in loans through the pilot cross-border blockchain financing platform, according to official data. The number of enterprises ranked high among cities in the nation.

The platform, launched by the State Administration of Foreign Exchange, aims to use blockchain technology to simplify and expedite the trade financing process for small and medium-sized enterprises.

In March 2019, the central government rolled out the nation's first pilot cross-border blockchain financing platform. In July of the same year, Ningbo was approved as a pilot city for the platform.

A total of 36 banks in Ningbo have been involved in the pilot program. This includes 84 percent of Chinese banks with foreign exchange services.