Bank of Communications has launched a cross-border trade service solution built on CBETS, or Digital Currency Reach, a blockchain infrastructure, under the guidance of the People’s Bank of China. Unveiled at the 26th China International Fair for Investment and Trade in Xiamen, the solution uses on-chain rights confirmation and smart contracts to coordinate capital, information and trade-document flows. It supports cross-border payments and receipts, trade-background verification, multi-party participation and data sharing for import and export companies, financial institutions and regulators. The service is intended to reduce compliance costs, shorten settlement cycles and create scope for future connections between the digital RMB and cross-border financial infrastructure.