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Bank of China Partners with China UnionPay to Explore Blockchain for Payment Systems


According to a recent news, there has been a merger between two famous financial parties of China - China Unionpay (CUP) and the state-backed Bank of China (BOC)) for exploring the usage of blockchain technology for the purpose of electronic payment. Reportedly, an announcement was made on 15th August in which both the companies announced that they have entered into a partnership. On the basis of their agreement, both the giants have decided to explore more about blockchain technology for development of electronic payment system.

The decision of this partnership was made in response to the continuous regulatory requirement and market demand, and it is also offering opportunities of further cooperation between the companies in the field of mobile payments.

Both the companies are looking forward to improving services related to mobile banking in the country and are expected to explore the deployment of Distributed Ledger Technology and other Big Data Services.

Hong Kong University of Science and Technology Business School has recently received a funding of 20 million dollars

The companies have huge expectations from their initiative, as China Unionpay is expecting to develop a mobile port or other related integrated financial services where all the card holders could use QR codes for various payment services such as money transfers, trading on a user-friendly payment app. On the other hand, Bank of China is aiming to provide safer, convenient and efficient payment services to its customers.

The Hong Kong University of Science and Technology Business School has recently received a funding of 20 million dollars to research on improving the cyber security of electronic payment. The university is continuously working along with other parties for betterment of internet banking. It is also exploring applications related to blockchain technology in the same area.

"healthy and orderly development of the industry"

Reportedly, the Ministry of Industry and Information Technology (MIIT) of China has also proposed several measures to enhance the speed of promoting blockchain applications to provide "healthy and orderly development of the industry" in China. The main aim of the ministry is to extend the use of blockchain applications in financial industry to other sectors such as Internet of Things (IoT), Internet Banking, Change Management services, etc.