The Inner Mongolia branch of the Export-Import Bank of China will promote financial innovation and boost the integration of blockchain technology and business operations in the new year, according to a senior official with the bank.

The initiative will provide high-quality financial services for the real economy of Inner Mongolia autonomous region, according to Qi Wei, president of the bank, who was speaking at the third session of the 13th People’s Congress of Inner Mongolia autonomous region.

Last year, the Inner Mongolia bank introduced blockchain technology to companies, to provide financing services for small and medium-sized enterprises in the seed and kernel export industry in the autonomous region. 

It targeted improving financing efficiency and removing financing barriers for enterprises that have a small business size, weak capital guarantee capacity, loose financial management, high loan costs and have difficulty in applying for loans.

However, there are still many challenges in promoting the development of blockchain technology and solving the financing problems of small and medium-sized enterprises, Qi Wei said.

Qi suggested that it is necessary to make a macro plan of blockchain technology and industrial development, accelerate the establishment of blockchain infrastructure, as well as provide support for the introduction of blockchain technology. 

Qi also advised expanding the practical application of blockchain in various scenarios and providing customers with smarter, more convenient and better services.

With regard to the construction of the credit guarantee system for companies, Qi suggested establishing and formulating corresponding industry regulations and management systems for market access, solvency, information disclosure, market competition, price management and market exits. 

Qi also proposed market guidance, management and supervision, effective controls and limiting the overall risks of the credit guarantee system.