31 Chinese companies form financial blockchain cooperation alliance

Baozou Commentary : In May this year, 31 domestic financial companies attended the Shenzhen conference and established a financial blockchain cooperation alliance, including Ping An Group and Tencent subsidiaries. This is the second blockchain alliance in China after the ChinaLedger project invested by Wanxiang Blockchain Lab. In addition, payment startup Circle also obtained financing in China and established Sike China, hoping to obtain permission from Chinese regulators. This year, China has frequently launched blockchain-related projects, and I believe there will be new progress in the future.

Translation: Annie_Xu

More than 30 technology and financial companies have formed a new blockchain alliance, including Chinese financial services company Ping An Bank and a subsidiary of Tencent, maker of the instant messaging app QQ.

The Financial Blockchain Shenzhen Consortium was formally launched at a conference in Shenzhen on May 31, becoming the latest corporate alliance to collaborate on blockchain applications. Ping An itself is a member of the R3 consortium and has established a number of working groups around securities settlement and capital markets use cases over the past year and a half.

In addition to Ping An and Tencent subsidiaries, the 31-company organization includes many financial and technology companies. The alliance's internal work focuses on capital market technology, securities trading, trading platforms, life insurance, and banking, which are all considered areas that blockchain may affect. Members said that the organization has multiple tasks. In addition to providing a platform for communication and information sharing, member companies will also cooperate in the internal development of financial use case blockchain projects.

Specific plans include developing a prototype of a securities trading platform and exploring services such as credit, digital asset registration and invoice management.

Daniel Tu

Ping An Group Chief Innovation Officer Daniel Tu said the company's participation was mainly aimed at financial innovation.

"We hope to seize this opportunity to cooperate with local financial and Internet companies and jointly devote ourselves to the exploration of blockchain in China."

The May meeting reportedly focused on selecting the coalition’s leadership and developing a basic organizational structure; including developing proof-of-concept mechanisms in different areas in the form of task forces.

The Shenzhen Financial Blockchain Cooperation Alliance is China’s second blockchain alliance. The first ChinaLedger (ChinaLedger Alliance) investors include Wanxiang Blockchain Labs and Ethereum founder Vitalik Buterin, and R3 researcher Tim Swanson is an advisor.

Recent domestic blockchain projects include the establishment of Circle China by payment startup Circle and the acquisition of bitcoin mining chip company Canaan by Shenzhen Electronics (also known as Avalon). These are signs that there may be new bitcoin and blockchain projects in China in the coming months.