Financial Blockchain Shenzhen Consortium Launches Backed by 31 Firms in China

Nearly a month after the Financial Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term Shenzhen Consortium (FBSC) conference was held at the end of May, a group of financial companies in China have formally established the FBSC according to an official announcement today.

The effort is backed by some significant names including international and domestic firms from China. 25 firms initially signed the collaborative agreement during the FBSC’s founding conference, and 6 additional companies have since joined.

The aim of the FBSC was described as focusing on coordinating and integrating research resources for financial blockchain technology and to create coordination and synergy mechanisms for both the research collaboration and technology development between members.

FBSC wants to realize applicable blockchain solutions for financial institutions and discover applicable scenarios based on these emerging technologies, as such approaches are developed and explored through the group.

Finance and technology cohort

The names include Essence Securities, JD Finance, Bosera Asset Management Co.,Ltd, Chongqing Share Transfer Center, First Capital Securities Co Ltd, Funde insurance holdings Co.Ltd., Guosen Securities Co., Ltd, Hundsun Technologies Inc, China Southern Asset Management Co. Ltd.,Ping An Bank, QiLu Over-the-Counter Stock Market, and Ping An Financial Technology Consulting Co.Ltd.

In addition, the list of firms in the FBSC included Webank, Shenzhen Kingdom Sci-Tech Co Ltd., Shenzhen Financial Information Service Association,ShenzhenYsstech Info-tech Co.,Ltd, Genesys Information Technology Co., Ltd., Shenzhen Forms Syntron Information Co,Ltd.,Bankledger Technologies, and Shenzhen Securities Communication Co.Ltd.

Several additional venues and banks were named in the initial FBSC list: WuhanEquity Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term,China Merchants Securities Co. Ltd., China Merchants Bank Nekwork Technology(Shenzhen)Co.,Ltd, Z-Park Equity Trading Service Co. Ltd., China Securities Credit Investment Co., Ltd.

An additional six firms were noted in the FBSC update as having joined the effort including Huawei, Sino Safe General Insurance Co. Ltd., QianhaiEquityExchange, Foresea Life Insurance CompanyLimited, Tencent Technology (Shenzhen) Company Ltd, and Shandong City Commercial Banks Alliance. Of all the companies, 16 were elected as bureau members of FBSC, following deliberations at the event.

Focus on blockchain

Not surprisingly, the group of companies joining FBSC includes both finance and technology related firms, bringing together both sides of fintech in the region.

Finance Magnates hosted a major fintech-related event in Tel-Aviv earlier this week which drew in 700 attendees from across the world to one of the globe's leading hubs for financial technology innovation.

Earlier last month in the U.S., the Distributed Trade 2016 conference took place, and was also recapped in a related post this week, as blockchain relates (and is synonymous) to distributed ledger technologies applicable to finance.

Fintech across Asia-Pacific including China is a major theme currently, considering the market growth and potential in these regions, according to Finance Magnates Business Intelligence division.

Our upcoming Quarterly Industry Report (QIR) will soon be available for Q2 2016 - which just concluded yesterday, providing valuable research for market participants including in China and beyond.