ComfortableBank-Backed Fintech Firm Joins Chinese Conglomerate to Build Blockchain Platform

The fintech arm of China’s largest insurer and a logistics conglomerate are teaming as much as develop a blockchain-based information-sharing platform for one of many nation’s greatest buying and selling hubs.  

OneJoin Financial Technology, which is the fintech arm of China’s largest insurance coverage firm, Ping An Insurance, has entered right into a joint program with the China Merchants Port Group (CMPort) to construct a logistics system primarily based on blockchain for the Guangdong-Hong Kong-Macao Greater Bay Area, based on a March 31 report by the China News Service, a state media publication.

“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,” Xiaoying Chen, director of Shenzhen Customs mentioned within the report.

The platform will embody info from Chinese customized providers, port operators, logistics corporations, monetary establishments and export and import corporations in a single single system by way of shared databases on chain. One of its targets is to supply a extra environment friendly monitoring system at a decrease price. Financial providers may also be extra accessible to the commerce corporations.  

The system may have 5 databases to handle details about commerce corporations, items, logistics, contracts, and paperwork and certificates. It might assist authorities businesses to raised supervise worldwide commerce and cut back processing time for monetary establishments to supply export and import corporations with commerce finance providers.  

OneJoin is likely one of the 4 “fintech unicorns” groomed by the state-backed Ping An group. One of its focuses is to use blockchain to conventional monetary providers by means of its cloud know-how.

ComfortableBank led a Series A spherical in OneJoin with a valuation of $7.5 billion in 2019. The agency went public on the New York Stock Exchange in November final yr. However, the preliminary public providing raised $359 million at a market worth of $3.63 billion as of its first buying and selling day on Dec. 13. 

The China Construction Bank – a nationwide business financial institution – additionally invested in a blockchain-based commerce finance platform the place exporters and importers can join with banks and lending businesses for short-term financing. The financial institution mentioned final October buying and selling quantity on the platform had exceeded $53 billion since its 2019 launch. 

Beyond China, each Singapore and a slew of European Union international locations have made nationwide efforts to launch their very own blockchain-based platforms to facilitate worldwide commerce.   

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