Construction Guide for DChain-like Supply Chain Finance System

1. Overview

This guide provides a standardized implementation framework for core manufacturing enterprises to build electronic accounts payable circulation platforms similar to BYD's DiChain system, in compliance with the Notice on Regulating Supply Chain Finance Business implemented in June 2025.

2. Eligibility Requirements for Core Enterprises

To establish a supply chain financial platform, core enterprises must meet the following basic thresholds:

• Credit rating: No less than AA+ (regional leading enterprises can be relaxed to AA), no bill overdue or debt default records in the past 2 years, and accounts payable scale not exceeding 50% of net assets

• Industrial foundation: No less than 50 stable upstream suppliers, annual procurement amount no less than RMB 1 billion, unified payment terms (standardized 3/6-month payment cycle), and basic digital procurement system

• Compliance willingness: Not to force suppliers to accept electronic voucher payment, not to extend payment terms in disguise (the maximum payment term of electronic vouchers shall not exceed 1 year, and in principle shall not exceed 6 months), and reasonably share financing costs with suppliers

3. Subject Qualification Requirements

According to regulatory requirements, the platform shall realize the separation of three types of subjects: business, technology, and finance, to avoid information intermediaries from becoming credit intermediaries:

4. Core System Modules

The platform system shall meet the traceability requirements of "four flows integration" (contract flow, invoice flow, logistics, capital flow), with the following core functions:

4.1 Voucher Management Module

• Core functions: Full-process management of electronic debt voucher issuance, splitting, transfer, and redemption, supporting multi-level splitting (regulatory recommendation: transfer level no more than 5), automatic redemption reminder upon maturity

• Technical requirements: Connect to enterprise ERP, procurement system, and invoice system, automatically verify the authenticity of trade background, and prohibit voucher issuance based on advance payments

• Data storage: All operations shall be recorded on the blockchain, with a storage period of no less than 5 years, supporting judicial evidence collection

4.2 Risk Management Module

• Pre-loan: Connect to industrial and commercial, judicial, and tax data, build supplier credit profile, and automatically screen untrustworthy subjects

• Mid-loan: Closed-loop fund management, financing funds are paid directly to the supplier's upstream account to prevent misappropriation of funds

• Post-loan: Monitor the full-caliber debt of core enterprises, and automatically restrict new voucher issuance when the scale of accounts payable exceeds 50% of net assets

• Risk early warning: Real-time early warning of abnormal transfer, repeated financing, overdue maturity and other behaviors, and automatically suspend relevant businesses when the threshold is triggered

4.3 Institution Docking Module

• Bank interface: Connect to the core systems of at least 3 cooperative banks, supporting full online financing application, approval, and disbursement

• Regulatory interface: Submit business data to the National Internet Finance Association of China and Shanghai Commercial Paper Exchange as required to meet statistical monitoring requirements

• Supplier port: Mini-program/WEB operation interface, supporting voucher query, transfer, and financing application, with minimal operation process (2024 industry benchmark: "3-step operation, 1-hour disbursement")

5. Ecological Cooperation Preparation

5.1 Financial Institution Cooperation

• Prioritize head office-level special credit lines for supply chain finance, control financing costs within LPR + 100BP, and strive for central bank rediscount quota support

• Clarify the division of rights and responsibilities: Banks assume the main responsibilities of pre-loan investigation, risk assessment, and fund disbursement, while the platform only provides information services and shall not interfere with bank credit decision-making

• Prohibit cooperation with unlicensed financial institutions, and shall not promise to cover risks or guarantee capital and interest

5.2 Supplier System Sorting

• Sort out upstream supplier levels in advance, prioritize inviting first-tier core suppliers for pilot testing, clarify the voluntary selection principle of electronic vouchers, and shall not set thresholds such as "no cooperation if vouchers are not accepted"

• Develop a cost-sharing mechanism: For example, core enterprises bear 1% of the platform service fee, and 50% of the part of the financing interest rate exceeding 5% is subsidized by core enterprises to avoid excessive squeezing of small and medium-sized suppliers' profits

6. Compliance Filing Process (2025 Latest Requirements)

1. System evaluation: Before going online, pass Level 3 Cybersecurity Protection Certification and blockchain information service filing, and the business logic meets the regulatory "three prohibitions" requirements (prohibit fund pooling, prohibit unlicensed financial business, prohibit forcing suppliers to accept vouchers)

2. Self-discipline filing: Submit platform filing application to the National Internet Finance Association of China, including system description, risk control rules, list of cooperative institutions, user service agreement, etc., with an audit cycle of about 3-6 months

3. Business pilot: Carry out 6-month pilot after filing approval, during which the voucher issuance scale shall not exceed 30% of annual accounts payable, and the maturity redemption rate shall reach 100%

4. Formal operation: After the pilot, report to the local financial regulatory department, submit business data quarterly, and issue risk warnings when the scale of accounts payable exceeds 30% of net assets

7. Implementation Suggestions for Sheet Metal Industry

For regional leading sheet metal enterprises, a "three-step" strategy can be adopted to reduce trial and error costs:

• First year: Connect to mature third-party supply chain technology platforms (such as China Enterprise Cloud Chain, Simple Hui), first include 50% of first-tier suppliers into the system, without self-built system, with an investment cost of about RMB 1-2 million

• Second year: After accumulating a settlement scale of more than RMB 10 billion, apply for supply chain bill qualification, access the supply chain bill platform of Shanghai Commercial Paper Exchange, and realize voucher standardization

• Third year: If the upstream and downstream coverage exceeds 500 enterprises, consider building an independent platform, apply for self-discipline filing, and gradually open services to the industry