R3 blockchain consortium adds China Merchants Bank

Announcements | September 5, 2016 By:

R3 announced it has added China Merchants Bank (CMB) to its blockchain partnership designed to apply distributed and shared ledger-inspired technologies (DLT) across global financial markets.

The commercial bank, founded in the late 1980s, is the second financial firm in China to join the initiative. In June, insurance giant Ping An announced its membership, signaling the group’s growing interest in Asia.

“It is a great pleasure for us to reach an agreement with R3. As a technologically advanced bank, China Merchants Bank has always actively explored new technologies and applied them in our businesses. Blockchain holds great potential for the banking industry, and we look forward to working together with R3 to deliver the innovation required to improve a range of financial services and processes,” said Tianhong Zhou, General Manager of IT Department at CMB.

Just a couple of months ago CMB was already named as part of the Chinese Financial Blockchain Shenzhen Consortium. This Chinese blockchain collaboration is backed by some significant major names including international and domestic firms from China.