China Brilliant Global aims to own the world’s first Supply Chain Digital Bank

By Leandra Monteiro

Recently, China Brilliant Global Limited (CBG) voluntarily announced that its subsidiary Brillink Bank Corporation Limited was granted by Astana Financial Services Authority (AFSA) in Kazakhstan Astana International Financial Centre (AIFC) for an official full banking licence.

As per the announcement made earlier, Brillink was granted an In-Principle Approval on 4 December 2020 to be formed for a licence to carry on banking services. The issuance of the official licence to Brillink has demonstrated the regulator’s confidence in Brillink’s development of banking business.

Since last year, the “black swan” that is COVID-19 has spread across the world and has made a huge impact on various countries and communities. As a result, it has given rise to new trends and technologies. The penetration of digitisation and intelligence has accelerated. As for financial sector, the development of digital banking is booming, which brings incredible business opportunities and becomes a new battlefield in the financial industry.

CBG combines the existing real economy business with the new digital bank to build a new scenario for the digital bank focus on supply chain. According to the company’s previous announcement, the bank is expected to start trial operation in the second half of 2021 and may own the world’s first digital bank focusing on supply chain finance.

According to an announcement made by China Brilliant Global, it acquired the issued share capital of CBG FinTech Holdings Limited twice in 2020 through its wholly-owned subsidiary CFSG, and finally obtained 80% of the issued share capital of CBG FinTech Holdings Limited in order to expand its banking business.

According to public information, Kazakhstan is striving to build AIFC into a global financial centre in Asia, and through China’s “One Belt, One Road” initiative to develop AIFC into an important offshore RMB centre. As a result, the digital bank for supply chain financing will have significant location investment advantages and market competitive advantages after its landing.

From the perspective of market competition, financial institutions such as China Development Bank, China Construction Bank, Industrial and Commercial Bank of China, Bank of China, and China International Capital Corporation have all settled in AIFC. Shanghai Stock Exchange and Silk Road Fund have also jointly invested in AIFC stock exchange (AIX), and owns 25% and 5% of AIX respectively. Possessing a full bank license issued by AIFC enables Brillink to become one of the formal, and global-oriented international financial institutions, and enables it to provide customers with one-stop supply chain financial services.