(Yicai Global) Oct. 18 -- Sichuan-based Easysight Supply Chain Management Co. [SHA:600093] has finished commercial and industrial registration for its new blockchain division, to be set up in Khorgas in China's northwestern autonomous region of Xinjiang.

The new company will have registered capital worth CNY800 million (USD120.9 million), Easysight said in a statement yesterday. The fintech unit will engage in trade financing and protection against bad debts through blockchain technology.

Easysight previously announced that it and a number of partners would set up a special CNY760-million fund to increase the registered capital of the new firm, which was initially set to be registered in Shanghai.

It made the switch to Horgos based on business reviews, better tax rates and other factors, Easysight said.

The parent company mainly engages in supply chain finance. In 2016, it tapped into blockchain technology and reached a strategic deal in the field with a Chinese research institute under US-based information technology giant IBM Corp. [NYSE:IBM].