Ministry of Finance, China Banking Regulatory Commission: Increase the digitalization ratio of bank certificates and promote the landing of large-scale application scenarios.

According to the Financial and Regulatory Authorities, on May 16th, the Ministry of Finance and the Banking Regulatory Commission issued a notice on accelerating the digitalization of bank letters of credit. It mentioned that in order to promote the digitalization of bank letters of credit, it is necessary to focus on building a secure, convenient, efficient, and cost-effective bank letter of credit system, adhere to safety first and prioritize benefits. By strengthening the development foundation, improving work efficiency, innovating ways and means, increasing the number of entities accessing the bank letter of credit platform, increasing the digitalization rate of bank letters of credit, and promoting the landing of large-scale application scenarios.