HK’s Credit China Fintech Appointed Founding Member of Global Blockchain Business Council
A new group called the Global Blockchain Business Council (GBBC) was officially launched yesterday during the World Economic Forum’s 2017 annual meeting in Davos, Switzerland. The council aims to educate business leaders about blockchain technology and its potential.
Credit China Fintech, a leading fintech services provider based in Hong Kong, was appointed as one of the 25 founding members of the initiative and is the only member from China.
Commenting on the launch, Phang Yew Kiat, vice-chairman and chief executive officer of Credit China Fintech, said:
“It is our pleasure to represent Hong Kong, China, to be the founding member of the GBBC together with the world’s top business leaders.
“With the help of Credit China Fintech’s capabilities and advantages in China and Southeast Asia fintech industry, we aim to build a better environment for the development of blockchain technology to be applied in global commerce, communications, financial services, intellectual property, and other areas.”
Credit China Fintech is currently working on integrating blockchain technology in its online lending business and supply chain finance business, the company unveiled today. It is also exploring applications of the technology in other areas.
Credit China Fintech claims to serve over 21 million users. The company operates a number of fintech solutions tackling various segments including peer-to-peer lending and digital payments. In 2016, it processed more than RMB 800 billion (US$116 billion) in payment transactions.
Apart from its involvement in the GBBC, Credit China Fintech is also one of the founders of Asia’s Fintech Merger and Acquisition Fund of Funds, a RMB 10 billion (US$1.4 billion) fund launched in December 2016 focusing on mergers and acquisitions in the fintech area.
The fund, a collaborative effort between Credit China Fintech, China Huarong International, Shanghai Xinhua Publishing Group, Jilin Province Investment Group, and others, will leverage on the partners’ experiences and competitive advantages to invest in promising innovative fintech enterprises and help them become industry leaders.
China, the undoubted center of global fintech innovation and adoption, has leapfrogged ahead of the world’s leading fintech hubs including London, New York and Silicon Valley, according to a recent report by EY. Today, most of the world’s leading fintech startups are from China.
Unveiled earlier this month and announced on Davos , the GBBC aims to serve as a resource center, providing a forum for businesses, innovators and technologists to come together and explore the many opportunities that blockchain technology has to offer. It was initiated by the BitFury Group in collaboration with international law firm Covington.