Ministry of Finance, Banking Regulatory Commission: Increase the digitalization ratio of bank letters of credit to promote the implementation of large-scale application scenarios.

The Ministry of Finance and the China Banking Regulatory Commission have issued a notice to accelerate the development of digitalization of bank letters of credit. The focus is on building a secure, convenient, efficient, and cost-effective system for bank letters of credit, with a priority on safety and benefits. Through strengthening the development foundation, enhancing work efficiency, and innovating methods, the goal is to increase the number of entities accessing the bank letters of credit platform, improve the digitalization rate of bank letters of credit, and promote the implementation of large-scale application scenarios. The notice also requires continuous strengthening of the construction of the bank letters of credit platform, enhancing the security of the platform, and improving the digital standard system of bank letters of credit.