China’s Insurance Giant Ping An Subsidiary to launch Blockchain-improved Boutique Bank

Ping An Bank, a subsidiary of China’s Ping An Insurance Group which is one of the world’s leading financial and insurance corporations, announced that it will launch a boutique bank using blockchain, cloud services, and the Internet of Things (IoT).

The new boutique bank is a non-full service investment bank that specializes in at least one aspect of investment banking. It will rely on Ping An Group’s scientific and technological services and widespread financial capabilities to provide integrated financial services to enterprises through Ping An Bank’s supply chain receivables service platform, entitled “SAS.” The authenticity of transactions will be provided by the SAS platform.

Ping An Bank is undergoing a series of business changes under the umbrella of financial technology, like integrating artificial intelligence (AI), big data, blockchain, and cloud computing in order to ensure low-cost, efficient and personalized public services. The use of these technologies will improve management and service levels and achieve comprehensive management, marketing, risk control, wealth management, payment, operations and financing.