The Commercial Bank of China (BOC) and the financial services company China UnionPay (CUP) have entered into a partnership, according to an August 15 announcement. According to the terms of the agreement, the two parties will jointly explore the blockchain technology applications for the development of payment systems.
The partnership was created in response to market demand and regulatory requirements, giving rise to further opportunities for cooperation between the two parties on the field of cross-border mobile payments.
BOC and CUP will jointly study Big Data and distributed Ledger technology distribution to improve mobile banking products.
In the ambit of the initiative, CUP aims to build a unified port for integrated mobile finance services, where cardholders will be able to use a QR code to spend, transfer and exchange on a & # 39; cloud cloud payment app.
The BOC will subsequently launch a payment system promotional program to provide customers with a "safer, more convenient and more efficient mobile payment service experience."
Yesterday, the University Hong Kong Science and Technology Business School receives a $ 20 million research grant to improve the security capabilities of electronic payment systems. The university together with other parties will discuss the enhancement of the electronic payment security system and will explore blockchain technology applications in the field.
Last week, the Chinese Ministry of Industry and Information Technology (MIIT) proposed a series of measures to accelerate the promotion of blockchain applications in the country in a move to provide "healthy development and ordered by the sector. "
MIIT intends to provide a gradual extension of blockchain applications from the financial sector to other sectors, such as e-filing services, supply chain management, Internet of Things (IoT) and others.