(Yicai Global) Nov. 25 -- China's new cross-border financing platform based on a blockchain has been a boon for borrowers, and most of them small and medium-sized enterprises.

The platform set up by the State Administration of Foreign Exchange has helped corporations secure USD8.2 billion in funding, and some of it via accounts receivable financing agreements, during the first eight months of service, the Economic Information Daily reported. 

So far nearly 1,600 companies, some 70 percent of which are SMEs, have joined the program to share their bookkeeping information with more than 160 banks, said Zhang Xin, deputy director of the SAFE. That is about one-third of all Chinese lenders that provide forex services. The program covers 17 provinces. 

The SAFE will advance the use of the platform in new ways such as to ease cross-border trade settlement and settlement of foreign exchange receipts under the capital account, Zhang added.

Editor: Emmi Laine