September 2, 2016 (New York/San Francisco/London) – Financial innovation firm R3 has announced the addition of China Merchants Bank (CMB) to its partnership dedicated to designing and applying distributed and shared ledger-inspired technologies (DLT) to global financial markets. CMB, headquartered in Shenzhen, will collaborate with over 60 of the world’s largest financial institutions to develop ground-breaking commercial applications based on DLT for use across the industry, with a particular focus on the unique needs of the Chinese market.
The R3 team of financial industry veterans, technologists and blockchain and cryptocurrency experts collaborate with consortium members on research, experimentation, design and engineering to help advance this technology to meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems.
Consortium members work closely with R3 to develop Corda™, its shared ledger platform specifically designed to record, manage and synchronise financial agreements between regulated financial institutions. It is heavily inspired by and captures the benefits of blockchain systems, without the design choices that make blockchains inappropriate for many banking scenarios.
Tianhong Zhou, General Manager of IT Department at CMB, commented: “It is a great pleasure for us to reach an agreement with R3. As a technologically advanced bank, China Merchants Bank has always actively explored new technologies and applied them in our businesses. Blockchain holds great potential for the banking industry, and we look forward to working together with R3 to deliver the innovation required to improve a range of financial services and processes.”
David Rutter, CEO of R3, commented: “We are delighted to establish a footprint in mainland China and welcome CMB to our rapidly growing consortium. The power of this technology lies in its potential to join institutions across borders and create an efficient and effective infrastructure that is appropriate for today’s increasingly globalised financial markets. We look forward to further growing our network in China over the coming months.”
CMB joins the global network of R3 partners united in its lab environment, the R3 Lab and Research Centre, which has quickly become a center of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies.
R3 is leading a consortium with over 60 of the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.
Operating in New York, London and San Francisco, the R3 team is made up of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies.
The R3 Lab and Research Centre has quickly become a centre of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies, and is where R3 works with its partners to define, design and deliver the next generation of financial infrastructure.
About China Merchants Bank
Established in 1987 in Shenzhen, the forefront of China’s reform and opening-up drive, China Merchants Bank ("CMB") is China’s first joint-stock commercial bank and also the first bank to attend the national experiment for the promotion of China’s banking industry reform driven by endeavors from outside the government.
By the end of 2015, CMB was listed No.28 among the world's Top 1,000 Banks by The Banker, No.235 among the Fortune 500 companies. It has 1700 branches in 120 cities, 2 branch-level specialized agencies (the Credit Card Center and the Small Enterprise Credit Center), 1 wholly-owned subsidiary (CMB Financial Leasing Co., Ltd) in
mainland China. For overseas market, CMB has 2 wholly-owned subsidiaries — Wing Lung Bank Ltd. and CMB International Capital Corporation Limited and 5 branches, and 3 rep-offices.
"We are here just for you." We will seek to improve and expand our lineup of financial services for our customers and for society and become China’s leading bank that is internationally competitive.
China Merchants Bank:
China Merchants Bank
Nick Warren/Ellie McFatridge
+44 (0)207 440 9780
+1 917 855 8529