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

66

Share with:


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

Richard Kastelein is the Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News, co-founder and director at education company Blockchain Partners and partner of token design and ICO marketing company CryptoAlchemy.

As a prominent keynote presenter, Kastelein has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Munich, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

Visit Website
View All Articles
Buy Bitcoin at CEX.IO

Get Blockchain News Where You Are!

Join our Linked in GroupLike our Facebook Page
Linkedin Group BlockchainLinkedin Facebook Group