Two of China's four major state-owned banks are expanding their separate trade finance blockchains internationally.

China Construction Bank (CCB) is moving into Taiwan with letters of credit (L/Cs) included in its blockchain platform's core functionality and Industrial and Commercial Bank of China (ICBC) is partnering with one of Africa's largest banks according to Chinese media reports.

CCB activity

Media reports say CCB has already executed transactions over blockchain with two Taiwanese banks, Taipei Fubon Bank and Cathay United Bank.

The bank's blockchain network has 40 domestic banking partners, including state-owned banks, while it also features cross-chain interoperability, which means it can operate with other blockchain trade finance networks.

Core functionality includes domestic L/Cs, forfeiting and international factoring.

ICBC activity

Reports say ICBC - which has filed no fewer than 41 blockchain applications - has now partnered with Standard Bank of South Africa.

Standard Bank, which has activities across most of Central and Southern Africa, is targeting African exporters with its blockchain offerings, the first of which was a two billion Ugandan dollars (US$540,000) bank guarantee.

In October 2007, ICBC acquired a stake of about 20 per cent in Standard Bank for US$5.5 billion.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.