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  • The financing platform does aim to streamline commercial banks to lend funds to small businesses.
  • It is said to be more reliable credit ratings which will be provided by its blockchain network. 

 

The Guangdong government in China, has announced the launch of a blockchain-based financing platform that will help small companies in the region receive loans faster from commercial banks. 

The government-led project is supported by OneConnect, a fintech firm backed by one of the largest Chinese insurers, Ping An Insurance, according to a media report from Sina Finance. 

In terms of the platform is aiming to streamline the process for commercial banks to lend funds to small businesses with more detailed and reliable profiles, including credit ratings, provided by its blockchain network.