Abstract
As international transaction increases, cross-border payment is seeing more risks of frauds, trading and capital, needing solutions by innovative financial technologies. This paper, from the perspective of block chain coalition, builds the theoretical framework and model for cross-border payment, and explores the prospect and challenges of application of digital currency and cross-border payment.
Highlights
In September 2019, People’s Bank of China released “FinTech Development Plan (2019-2021)”, emphasizing the power of fintech and technologies for risk control, and put forward that fintech is technology-driven financial innovation
This paper finds that the official digital currency can serve as an alternative to quick pay
In the coalition block chain-based cross-border payment model analysis, the premise of using digital currencies in cross-border payment is that the countries involved in the trading sign a free trading contract and pursue the same trading goal
Summary
In September 2019, People’s Bank of China released “FinTech Development Plan (2019-2021)”, emphasizing the power of fintech and technologies for risk control, and put forward that fintech is technology-driven financial innovation. Artificial intelligence, cloud computing, big data are the major ways for fintech innovation. According to “Annual Analysis of Crossborder Payment of China in 2019” released by Analysys, the cross-border payment in China has reached 700 billion yuan, a year-on-year increase of 55.56%. As countries and regulations differ, the cash flow routes vary. In this massive payment market, cross-border payment faces risks of frauds, trading risks and capital risks that require solutions by fintech innovation. From the perspective of blockchain coalition, this paper establishes a theoretical framework and model for cross-border payment, and explores the prospect and challenges of digital currency and cross-border payment
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