State Bank of China Signed Contract With UnionPay For Blockchain ​​Payment System

According to a recent announcement, the State Bank of China signed an agreement with the financial services corporation China UnionPay (CUP) on the joint development of a payment system with blockchain support.

According to the State Bank of China, the transaction is a response to the growing demand and regulatory requirements for blockchain applications in the real economy, and is designed to provide greater opportunities for cooperation between enterprises, in particular, in cross-border digital payments.

Both the State Bank of China and China UnionPay undertook to jointly investigate DLT for further improvement and improvement of digital banking products.

Only recently, the two financial institutions jointly presented a series of unique mobile payment products, such as QR-code payment, Apple Pay and Cloud flash payment application, to continue to optimize and improve the quality of customer service in order to maintain their market leadership.

Earlier this month, the Ministry of Industry and Information Technology of China announced that it was discussing with various stakeholders the question of how to encourage more companies to adopt blockchain technology for commercial use.

The Ministry of Industry and Information Technology has put forward several proposals on how blockchain technology can be adopted in the mainstream.

The Ministry seeks to gradually expand the application of blockchain technology from the financial sector to other major industries, such as supply chain management, IoT and electronic deposit services.

 

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