On January 17, 2017, at the blockchain forum of the World Economic Forum in Davos, Switzerland, blockchain tech firm Bitfury, joined by international law firm Covington & Burling LLP, announced that Credit China FinTech Holdings Limited (Credit China FinTech) would be one of the 25 founding members of the Global Blockchain Business Council (GBBC).
Credit China FinTech, a leading integrated FinTech service provider in China, has over 21 million users and processed more than 800 billion RMB payment transactions in 2016. By becoming a founding member of the GBBC, Credit China FinTech wishes to extend their reach and apply the blockchain technology to other businesses in the FinTech sector. Credit China Fintech CEO and Vice President Phang Yew Kiat stated:
“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.”
In a recent collaborative report titled, “The Rise of FinTech in China” by EY and DBS Bank Ltd., blockchain initiatives are expanding in China partly as a result of the Ministry of Industry and Information Technology’s efforts in organizing a special government-industry working group to present a plan for promoting the development and adoption of blockchain tech. The report also notes that escalating blockchain interest has been fueled by the second Global Blockchain Summit that was held in Shanghai during September 2016. Last year also saw the formation of several consortia, including China Ledger Alliance, Financial Blockchain Shenzhen Consortium, and Qianhai International Blockchain Ecosphere Alliance.
2017 is expected to be the “prototype to practice year” for a number of industries in the FinTech sector. Countries like China distinguish themselves as the leading pioneers of blockchain growth and development by bridging the gap of development to mainstream adoption.
Many blockchain initiatives in China began development in 2016, but as companies within the FinTech sector move toward fully implementing research and development, 2017 could very well turn into the year of the blockchain prototype.