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October 13, 2016

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Home » Business » Finance

E-warrant platform to trial in February

By Leng Cheng | October 13, 2016, Thursday | Print Edition

SHANGHAI will pilot an online cross-border financing and payment platform within the city’s pilot free trade zone in February, using electronic warrants “to enhance efficiency.”

The platform which has signed up well-known names in the financial industry will allow commodity companies registered in the FTZ to use e-warrants instead of physical documents, and match companies to commercial banks for lower-interest-rate trade loans, the FTZ-based Commodity Info-tech (Shanghai) Co said at a media briefing yesterday.

Both domestic and foreign commodity traders and related institutions are expected to benefit from the new platform.

MasterCard, Singapore’s DBS, Malaysia-based CIMB Bank, Bank of Shanghai and the local Huifu Financial Service Co signed a strategic partnership with the platform yesterday.

“After the launch of e-warrants through the platform, we can curb the risks of fake warrants and combine trade information with clearing information to enhance efficiency,” said Wang Lei, general manager of Commodity Info-tech.

“We will expand our partnership with other logistics companies and bonded warehouses registered in the FTZ to promote the use of the platform,” he said.

Wang said the platform aims to compete with global firms such as CWT Commodities.

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