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China Merchants Bank has become the latest Asia-based bank to join the R3 blockchain consortium.

The commercial bank, founded in the late 1980s, is the second financial firm in China to join the initiative. In June, insurance giant Ping An announced its membership, signaling the group's growing interest in Asia.

The bank, which claims to hold more than ¥2.6tn (roughly $390bn) in assets, has offices in both China and abroad, including one in New York where R3 is headquartered.

In statements, Tianhong Zhou, IT general manager for China Merchants Bank, expressed his enthusiasm for the project, stating that he believes blockchain holds "great potential" for the financial industry.

He added:

"We look forward to working together with R3 to deliver the innovation required to improve a range of financial services and processes."

Image credit: testing / Shutterstock.com

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