China Merchants Bank Joins Blockchain Consortium R3 – Joins Chinese Insurance Behemoth As Second Chinese Member

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China Merchants Bank, founded in the late 1980s, is the second Chinese financial institution, after insurance behemoth Ping An to join the R3 Blockchain consortium, showing the group’s growing interest in Asia.

The bank, which claims to hold more than ¥2.6tn (roughly $390bn) in assets, has offices in both China and abroad.

In statements, Tianhong Zhou, IT general manager for China Merchants Bank, expressed his enthusiasm for the project, stating that he believes Blockchain holds “great potential” for the financial industry.

“We look forward to working together with R3 to deliver the innovation required to improve a range of financial services and processes.”

David Rutter, CEO of R3, added:

“We are delighted to establish a footprint in mainland China and welcome CMB to our rapidly growing consortium. The power of this technology lies in its potential to join institutions across borders and create an efficient and effective infrastructure that is appropriate for today’s increasingly globalised financial markets. We look forward to further growing our network in China over the coming months.”

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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