BANK OF CHINA
Electric Web has partnered with the Agricultural Bank of China to provide a unique blockchain-based transaction experience for China or Korea-based customers of the bank. This app functions like an international exchange, allowing the electronic interchange of Yuan to Won or vice versa.
This open-sourced blockchain network drives the app and makes note of every transaction. Payments are made via the app via Fiat or through integration or as part of the Bank of China mobile app. Key to this application are a series of relational databases and integrated private electronic ledger.
This app is the first of its kind in China and has vastly improved efficiency cost of currency conversion of Bank for China customers. In the future this technology will also be used for bank issued cryptocurrencies, securities, bonds, mutual funds and other instruments offered by the bank. This resilient, and scalable platform, is now available to 80% of Bank of China mobile customers, for any transaction under 900 Yuan or 150,000 Won.
This massive cash-in/cash-out system, which would normally have required dozens of developers to maintain, can now all be maintained by a 9-person developer team out of the bank. It can process up to 10 million payments per day. The ledger can also verify whether the payment was cleared, or even used with local vendors.
The National Bank of Kazakhstan (NBK) is the Central Bank of the Republic of Kazakhstan. In partnership with local development agencies, Electric Web has had the honor to internally develop and test a premier net-based blockchain app to sell short-term debt notes to investors. Investors within Kazakhstan are currently using this application, called Batue, to invest in 100 tenge notes without a broker or brokerage account. In the future, this app will be used to sell funds, securities, stocks and facilitate domestic IPOs and ICOs.
While we are still waiting on initial use case efficiency data on this exciting project, early feedback has already attracted over 900 investors and 75 banks. The app comes with sophisticated tracking and analytics. With instant bank communication, Batue can settle domestic payments for notes in real time, initiating payment and confirmation almost instantly. The ledger can be audited at any time by the Central Government of Kazakhstan.
Minimizing liquidity costs and the need for pre-funded tenge, a key concern for this emerging market, this application has been a feature of the Kazakh Economic Council’s presentation to the bank board. Payment providers are enabled to interface with the app in order to provide final beneficiary settlement. The standard payment interface requires no installation, and allows printable invoices.
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