Insurance Giant Ping is a subsidiary to create a Boutique Bank supported by Blockchain


Ping An Bank, a subsidiary of the Chinese group Ping An Insurance, will launch a boutique bank using blockchain, cloud services and the Internet of Things (IoT). Ping An Insurance Group is one of the leading financial and insurance companies in the world and the announcement of their subsidiary was reported on November 20 by the People & # 39; s Daily, China's official press service.

A boutique bank is defined as a non-full-service investment bank that supports more individualized services than large companies.

The new boutique bank will rely on the scientific and technological capabilities of Ping An Group and the complete financial capabilities to provide integrated financial services to businesses through the Ping An Bank commercial credit service platform, entitled "SAS". The article states that the authenticity of the transactions will be provided by the SAS platform.

Ping An Bank is undergoing a series of business changes under the auspices of financial technology, including the use of artificial intelligence (AI), big data, blockchain and cloud computing in order to "guarantee low-cost, efficient public services and customized, "The reports of the People's Daily.

People & # 39; s Daily adds that the use of the aforementioned technologies "will improve management and service levels and will achieve complete management, marketing, risk control, asset management, payments, operations and financing".

Last week, Ping An Insurance Group and the Sanya Municipal Government signed a strategic cooperation agreement for the construction of "Smart City", based on "blockchain", […] biometric and other technologies ", Cointelegraph reported on November 14th.

Back in the summer, the Liechtenstein bank Union Bank AG announced its goals to become "the first in the world […] "full-service blockchain" investment bank, and issued its own security tokens, Cointelegraph wrote on August 22nd.

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