China (Taiyuan) Coal Transaction Center (CTCTC) has been exploring new ways to optimize the coal supply chain and advance the energy consumption revolution through Internet Plus, a national strategy to integrate the internet with traditional industries.
This year's annual coal trade conference, which took place from Dec 6 to 8, again launched a big data platform for energy and promoted two services named Yifubao and Qixiantong.
The big data platform for energy, which integrates coal-industry related information and over 28 million pieces of data from the coal trade over the past eight years, will explore data value in the energy sector, and support macro-control, production and allocation, and consumption forecasts through data collection and analysis.
Released in September 2017, Yifubao is a financial supervision product to satisfy the needs of the market and coal dealers. The service-based product monitors transaction funds from two sides during the whole course and facilitates directional payments to reduce financial risks during trade. Individualized clearing services are also offered to dealers.
Qixiantong, CTCTC's first service-based product combining futures and actuals business, was launched on Nov 2. It aims to provide flexible and efficient spot trade services for financial institutions, including futures companies and investment businesses, and coal actuals companies.
Next, CTCTC which focuses on establishing a market system for the modern energy trade, will further the construction of internet infrastructure for energy firms, and promote industrial upgrading and coal supply-side structural reform in Shanxi, according to Qu Jianwu, director of CTCTC.
