China CITIC Bank successfully launched its “Xiong’an New District Construction Funds Blockchain System Platform”

China CITIC Bank has hailed the results of a blockchain payments platform that it first deployed in the Xiong’an New Area just over a year ago to cater to the spate of construction projects in the area.

At the start of 2020 CITIC Bank successfully launched its “Xiong’an New District Construction Funds Blockchain System Platform”, becoming the first on-chain lender in the region.

The joint-stock lender uses the platform to facilitate payments made to the accounts of builders and materials suppliers for local construction projects in the Xiong’an New District, involving local government authorities, construction companies, contractors, sub-contractors and building staff.

As a recently launched urban development zone, Xiong’an New Area is a hotbed of construction projects. In 2020 the area saw the start of 147 construction projects with a total contract value of 68.3 billion yuan.

Xiong’an New Area

The bank said that it was the cooperative partner for projects worth around half the total contract value and that its blockchain platform has been used to process nearly 100,000 transactions worth over 14.6 billion yuan.

China CITIC Bank is China’s seventh-largest lender in terms of total assets. The bank operates 78 branches in the mainland, and 622 sub-branches, located in economically developed regions of China.

Xiong’an New Area is a state-level new area in the Baoding area of Hebei, China. Established in April 2017, the area is located about 100 km southwest of Beijing and 50 km east of downtown Baoding. Its main function is to serve as a development hub for the Beijing-Tianjin-Hebei (Jingjinji) economic triangle.

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