The Chinese Bank has invested $1.3 billion in issuing securities on the blockchain
Chinese state banks Bank of Communications announced the completion of the issue of securities mortgage-backed (RMBS) of approximately $1.3 billion using its patented blockchain.
In addition to the Issuer, the underwriters (guarantors) made of China International Capital Corporation, and two commercial Bank Kitia. The transfer of data on mortgage loans to a decentralized network allows each side to view the upgrade information, to check due diligence (due diligence) and perform operations on an equal footing.
According to Chinese media, Bank of Communications since June 2018 began to use its own platform to speed up the procedure of issue of secured securities, and from July to move the blockchain data on mortgage loans. Other commercial banks of China also announced its intentions of issuing securities in this way.
Russian banks are also starting to use the blockchain in their products. Recently, the Bank issued mortgage electronic mortgage on the basis of “Mastercare”.