File Photo: Xinhua

China's State Administration of Foreign Exchange (SAFE) will accelerate the construction of a cross-border platform to offer blockchain services in finance in 2020, and strengthen protection against state financial risks, according to a SAFE conference on planning work for 2020.

SAFE's conference also noted the importance of protecting the financial system from external risks, especially from cross-border transactions. SAFE aims to stabilize the security of China's foreign exchange reserves, deepen the reforms to delegate power, streamline administration and optimize government services.

The cross-border blockchain platform for financial services was launched by SAFE in March 2019, and has been undergoing its trial stages in 17 provinces and municipalities. It is expected to lower the financing barriers for small to medium enterprise, according to a report by Economic Information Daily.

As of December 20, the platform served a total of 1,590 companies. So far, it is the only state blockchain platform in China registered with the Cyber Administration of China, the report said.