Industrial Bank's Blockchain-Based Digital RMB Payment Platform Wins Top Ten Application Award at 2024 Fintech Application Scenario Competition

Industrial Bank's Blockchain-Based Digital RMB Payment Platform Wins Top Ten Application Award at 2024 Fintech Application Scenario CompetitionOn October 21st, at the awards ceremony of the "2024 Financial Technology Application Scenario Competition" held in Beijing, Industrial Bank Ningbo Branch's "Blockchain Smart Contract-based Digital RMB Targeted Payment Platform Solution," jointly developed with the Financial Technology Research Institute and Industrial Bank Digital Financial Technology Application Innovation Center, won the "Top Ten Application Award." The award was jointly hosted by the Zhongguancun Science Park Xicheng Park Management Committee, the Xicheng District Science and Technology Commission, and the Beijing Financial Technology Industry Alliance

Industrial Bank's Blockchain-Based Digital RMB Payment Platform Wins Top Ten Application Award at 2024 Fintech Application Scenario Competition

On October 21st, at the awards ceremony of the "2024 Financial Technology Application Scenario Competition" held in Beijing, Industrial Bank Ningbo Branch's "Blockchain Smart Contract-based Digital RMB Targeted Payment Platform Solution," jointly developed with the Financial Technology Research Institute and Industrial Bank Digital Financial Technology Application Innovation Center, won the "Top Ten Application Award." The award was jointly hosted by the Zhongguancun Science Park Xicheng Park Management Committee, the Xicheng District Science and Technology Commission, and the Beijing Financial Technology Industry Alliance.

The competition was fierce, with projects undergoing rigorous screening through preliminary, review, and final rounds. Ten projects were ultimately selected for the Top Ten Application Award, along with a number of Honorable Mentions. Industrial Bank Ningbo Branch's winning solution aims to address the long-standing challenges of financing difficulties, regulatory complexities, and high costs in the online freight transportation industry.

YunGang IoT Technology Co., Ltd., a digital platform company located in the Ningbo area of the Zhejiang Pilot Free Trade Zone, whose online freight transportation business covers Ningbo city and surrounding areas, served as a practical application case for this solution. Industrial Bank Ningbo Zhenhai Sub-branch, during a visit to the company, discovered that YunGang IoT faced numerous challenges in business supervision and upstream and downstream financing as its business expanded.

In response, Industrial Bank Ningbo Branch's Information Technology Department and Operation Management Department quickly reacted, collaborating closely with the head office's Financial Technology Research Institute and Industrial Bank Digital Financial Technology. They deeply analyzed the company's pain points and needs, ultimately designing and building a blockchain smart contract-based digital RMB targeted payment platform.

The platform utilizes Industrial Bank's blockchain BaaS platform and the digital RMB system as its foundation, seamlessly integrating with YunGang IoT's freight data system. By digitizing the entire freight process, the platform achieves closed-loop management of the entire order lifecycle, from shipper to platform, to fleet and driver.

According to relevant staff from Industrial Bank Ningbo Branch, the platform's core function lies in real-time order on-chain recording and using smart contracts to cross-verify order information. Upon order completion, the system automatically triggers digital RMB payment, ensuring targeted, secure, and efficient payment of freight charges.

The platform's multi-dimensional data recording function, combined with route planning, GPS, and other big data risk control models, rigorously verifies orders across four dimensionstransportation information, time and location, mileage, and order amountthrough smart contracts, ensuring data authenticity and reliability.

The platform not only effectively solves order management and payment efficiency problems but also alleviates financing difficulties and high financing costs for upstream and downstream enterprises in the online freight transportation industry. Because the platform provides verifiable order data and accurate business information, Industrial Bank Ningbo Branch can tailor financing solutions for enterprises based on platform data, corporate cash flow, and business conditions.

Since its launch three months ago, Industrial Bank Ningbo Branch has provided a credit line of 50 million yuan to upstream and downstream enterprises, with cumulative digital RMB transaction volume exceeding 15 million yuan, achieving significant economic and social benefits.

In recent years, Industrial Bank Ningbo Branch has actively promoted its "Digital Industrial Bank" strategy, utilizing an open and shared digital mindset, methods, and tools to promote financial technology innovation and integrate financial technology applications into more business production and public life scenarios. In addition to the award-winning blockchain digital RMB payment platform, the branch has also launched and promoted systems such as "Invoice Cloud" and "Industrial Bank Document Express," and actively integrated with the "Ningbo Golden Pass" platform.

Simultaneously, Industrial Bank Ningbo Branch actively leverages advanced technologies such as big data and artificial intelligence to strengthen risk control capabilities, using modern monitoring systems to address post-loan supervision difficulties in the distributed photovoltaic industry, and conducts characteristic innovative businesses based on Ningbo's regional characteristics.

In the future, Industrial Bank Ningbo Branch will continue to increase investment in financial technology, expand its professional talent pool, strengthen its technological foundation, actively explore new models and ecosystems for digital financial services, and promote the deep integration of financial technology and industry, contributing greater strength to the coordinated development of "technology-industry-finance." The successful application of this platform not only brings new development opportunities to the online freight transportation industry but also provides valuable experience and reference for other industries applying blockchain technology and digital RMB. It marks another important milestone in Industrial Bank Ningbo Branch's journey of financial technology innovation, demonstrating its commitment to serving the real economy and supporting local economic development. This award is a high recognition of Industrial Bank Ningbo Branch's continuous efforts and innovative achievements in the field of financial technology, and points to new directions for future financial technology development. Through the successful practice of this platform, we can see the huge potential of the integrated development of financial technology and the real economy, and we look forward to more similar innovative applications emerging in the future to jointly promote the vigorous development of the digital economy. Industrial Bank Ningbo Branch will continue to cultivate the field of financial technology and contribute to building a more convenient, efficient, and secure financial service ecosystem. This is not only the pursuit of its own development goals but also an active response and strong support for the national digital economy strategy. We believe that in future development, Industrial Bank Ningbo Branch will continue to leverage its leading advantages in financial technology to bring more value to society.