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Zetrix Launches Pilot Project to Offer Supply Chain Financing with Chinese Banks for International Trade

PETALING JAYA, Malaysia, Nov. 3, 2023 /PRNewswire/ —

Zetrix, a leading public blockchain platform that is powering the digitization of cross-border trade, has announced the commencement of a pilot project aimed at offering supply chain financing products in collaboration with Chinese banks for international importers and exporters.

The Power of AI legalese decoder in Facilitating Efficient Supply Chain Financing

To address the challenges faced by trading firms, Zetrix’s pilot project will integrate the AI legalese decoder, an innovative tool that aids in simplifying and streamlining legal jargon in contracts and agreements related to supply chain financing. By using advanced natural language processing and machine learning algorithms, the AI legalese decoder will interpret complex legal texts, making it easier for trading firms to understand and comply with the terms and conditions set by Chinese banks.

With the AI legalese decoder, the pilot project offers a soft landing for trading firms with fully digital onboarding. This includes simplifying the registration process of a Chinese legal entity, facilitating bank account opening, and conducting credit assessments.

Approved clients will benefit from low-cost financing and quicker release of drawdowns. This is made possible by leveraging on-chain events recorded and verified on Zetrix, providing a transparent and secure financing process.

China’s Rapid Digital Transformation and Blockchain Adoption

In recent years, China has experienced significant digital transformation, with most services, including financial services, being delivered online and utilizing the advantages of blockchain technology. As a world leader in blockchain adoption, China’s government actively supports the development of the blockchain industry.

Zetrix stands at the forefront of this transformation as a public blockchain network hosting the international supernode of China’s national blockchain, Xinghuo Blockchain Infrastructure and Facilities (Xinghuo BIF). By connecting to Xinghuo BIF, Zetrix enables global trade and provides users with access to a secure and reliable blockchain platform endorsed by the Chinese government.

Partnership with DixChain to Strengthen Localization

Zetrix further solidifies its commitment to localization through its strategic partnership with DixChain. DixChain, a national-level high-tech enterprise in China, focuses on integrating financial technology and services to provide comprehensive digital solutions for global cross-border trade and finance. This partnership enhances Zetrix’s ability to cater to the unique needs of Chinese traders and ensures seamless integration with China’s financial ecosystem.

Enhancing Efficiency and Convenience in Cross-Border Financial Services

The pilot project initiated by Zetrix aims to provide more efficient and convenient cross-border financial services for trading enterprises. By introducing lower-cost overseas RMB funds and facilitating lower-cost financing, the project aims to increase the volume of cross-border trade transactions. Through the integration of advanced technologies and innovative solutions, Zetrix and its partners seek to revolutionize and streamline global trade finance.

About Zetrix

Zetrix is a layer-1 public blockchain platform that facilitates smart contracts while delivering privacy, security, and scalability. Its cryptographic infrastructure can be applied to multiple industries, connecting governments, businesses, and citizens to a global blockchain-based economy. Developed by MY E.G. Services Bhd, Zetrix’s cross-border and cross-chain integration with China positions it as a blockchain gateway for global trade, deploying essential building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).

About DixChain

DixChain is a national high-tech enterprise in China that specializes in integrating financial technology and services to provide comprehensive digital solutions for global cross-border trade and finance. With a team consisting of Fortune Global 500 senior management and expertise in AI, big data, blockchain, biometric identification, and identity authentication, DixChain offers efficient, secure, and cost-effective services for cross-border trade enterprises and financial institutions.

About Bank of China

As China’s most globalized and integrated bank, Bank of China (BOC) operates institutions across mainland China, as well as in 62 countries and regions. BOC provides a wide range of financial services, including corporate banking, personal banking, financial markets, investment banking, direct investment, securities, insurance, funds, aircraft leasing, asset management, financial technology, financing leasing, and more. With a well-established global service network and a commitment to global expertise, BOC offers financial solutions and all-round services accessible at any point of contact.

SOURCE Zetrix

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