31 Chinese firms form new Financial Blockchain Shenzhen Consortium

Group | June 28, 2016 By:

31 technology and financial firms in China have formed a new Financial Blockchain Shenzhen Consortium dedicated to blockchain.

Among the members of The Financial Blockchain Shenzhen Consortium are Chinese financial services company Ping An Bank and a subsidiary of Tencent telecom company that created one of the most popular Chinese instant messengers – QQ. All companies involved specialise in IT or financial services.

“We wish to take advantage of this opportunity to collaborate with local financial and Internet companies and contribute to the exploration of blockchain in China,” said Ping An group chief innovation officer Daniel Tu.

The general areas of possible blockchain implementation that are of interest for these companies include capital markets, securities exchange, trading platforms, life insurance and banking.

The group is the second organization of its kind to emerge in China. Launched in early May, the ChinaLedger Alliance is backed by nonprofit research outfit Wanxiang Blockchain Labs and includes ethereum creator Vitalik Buterin and R3 researcher Tim Swanson as advisors.