For developing Blockchain-based System, SoftBank-Backed Fintech Firm partnered Chinese Conglomerate
For the country’s biggest trading hub, developed a blockchain-based information sharing platform by the fintech arm of China’s largest insurer and logistics conglomerate
Fintech arm of China’s largest insurance company is the Financial Technology
According to a March 31 reported by the China News Service, a state media publication. In order to build a logistics system based on blockchain for the Guangdong-Hong Kong-Macao Greater Bay Area Ping An insurance entered into a joint program with China Merchant Port Group, reported on 03 April 2020.
Stated by Xiaoying Chen, director of Shenzhen Customs, “Since the central government’s directive to develop blockchain technology from last year, Shenzhen customs, China Merchants Group and Ping An have started to work together to study blockchain applications in cross-border logistics,”
The information from Chinese custom services, port operators, logistics companies, financial institutions and export and import firms in one single system through shared databases on chain is quietly to be assembled on the platform. Its main motive is to offer highly efficient tracking system at a reasonable price. Financial services would aim to be more accessible to many trade companies.
To manage the information related to trade companies, goods, logistics, contracts, and documents and certificates the system is engaged to have five databases. These effects the government agencies to have good supervision over the international trade and there by reduce processing time for financial institutions to get export and import firms trade finance services.
Fourth Fintech unicorn is the OneConnect groomed by the state-backed Ping An group. Its motive is to use its cloud technology to apply blockchain to traditional financial services.
In 2018, The SoftBank led a Series A round in OneConnect by getting valued at $7.5 billion. November, last year results the firm to go public on the New York Stock Exchange. However, the IPO (initial public offering) raised $359 million at a market value of $3.63 billion compared toits first trading day on Dec. 13.
The national commercial bank, China Construction Bank tend to invest in a blockchain-based trade finance platform where banks and lending agencies are connected by exporters and importers for short-term financing. The bank reports last October trading volume since 2018 the platform had exceeded $53 billion.
Nationwide efforts to launch its own blockchain-based platforms to facilitate international trade is proposed along with Singapore and European Union countries.
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