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, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, 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.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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