R3 Blockchain Consortium Includes Second Chinese Member
The private blockchain consortium led by blockchain technology startup R3 has added its newest member in China Merchants Bank, a Chinese banking giant. Guangdong-based China Merchants Bank (CMB), the first commercial bank wholly owned by corporate legal entities in China is now the second Chinese member to join the R3-led banking blockchain consortium. As of March 2016, CMB showed total assets of $838.28 billion and is among the top 10 banks in China and the top 30 banks globally, by assets. Elaborating on CMB’s new endeavor with R3, general manager of CMB’s IT department Tianhong Zhou....
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The R3 blockchain consortium continues to attract attention in the financial world, as they have welcomed their first Chinese member in the form of Ping An Group. This partnership has nothing to do with the consortium seeking US$200m in additional funding, though. In a rather surprising turn of events, the R3 blockchain consortium added its first Chinese....
The banking- and finance-centric blockchain consortium led by New York-based startup R3 will now include its first ever Chinese member, the Ping An Financial Services Group. China’s second largest insurer, the Ping An Group has become the first Chinese member of the global banking blockchain consortium led by fintech startup R3. The R3-led blockchain effort was notable in its lack of Chinese members, until now. Ping An is the largest non-state-owned financial entity in China, with assets over $765 billion. The financial group has its footprint across different sectors including insurance,....
Chinese financial services firm Ping An Bank and a subsidiary of QQ instant message app maker Tencent are among more than 30 technology and financial firms in China that have formed a new consortium dedicated to blockchain tech. The Financial Blockchain Shenzhen Consortium was officially launched on 31st May during an event in Shenzhen, a development that marks the latest business alliance to collectively explore applications of the technology. Ping An itself is a member of the R3-led consortium of global financial institutions, and in the past year and a half, working organizations have....
The operator of China’s interbank trading system has joined the R3 blockchain consortium. The China Foreign Exchange Trade System (CFETS), founded in the early 1990s, functions directly under the auspices of the People’s Bank of China, the country’s central bank. As such, it functions as the platform for interbank trading between Chinese banks and those based abroad. As part of the consortium, CFETS officials will work with other financial institutions worldwide on blockchain development initiatives. Zaiyue Xu, executive vice president of CFETS, said in a statement: “CFETS is committed to....
Amid growing interest in blockchain technology among the world's biggest banks, a major Chinese financial firm has inked a new partnership with startup R3CEV. Ping An Insurance Group, with total assets in excess of $765b, is China's first financial firm to join the group, according to the statement. Ping An has a number of business arms, working in the insurance, banking and personal finance sectors. David Rutter, CEO and founder of R3, said in a statement: "The addition of Ping An is another important milestone for R3 as we develop our member network to represent the interests of....