Blockchain Investment Bank To Be Setup By Chinese Insurance Behemoth
Ping An Bank, a subsidiary of China’s Ping An Insurance Group, is launching a boutique bank using blockchain, cloud services and the Internet of Things (IoT), according to People’s Daily. Ping An Insurance Group is one of the most important financial and insurance companies in the world.
A boutique bank is defined as a service investment bank with more individualized services than larger companies.
The new boutique bank will rely on the scientific and technological skills and comprehensive financial capabilities of Ping An Group to provide integrated financial services to companies through the “SAS” supply chain service platform of Ping An Bank.
The article states that the SAS platform will provide authenticity of transactions.
The People’s Daily reports that Ping An Bank, under the auspices of financial technology, is undergoing a series of business changes, including artificial intelligence (AI), big data, blockchain and cloud computing, to ensure “cost – effective, efficient and personalized management of services.”
People’s Daily adds that the use of the technologies mentioned above will “improve management and service levels and achieve comprehensive management, marketing, risk control, wealth management, payment, operations and financing.”
Last week, the Ping An Insurance Group and the municipal government of Sanya signed a Smart City Building Strategic Cooperation Agreement based on ‘blockchain,[…] biometrics and other technologies.’
Liechtenstein Bank Union Bank AG announced its goals of becoming the “first full – service blockchain investment bank in the world” this summer and issued its own security tokens.