China Merchants Bank Joins R3 Blockchain Consortium

That's another Asia-based bank for R3's growing roster.

AccessTimeIconSep 2, 2016 at 2:35 p.m. UTC
Updated May 9, 2023 at 3:03 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.