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Bank of China Collaborates to Study DLT Payment

The commercial and state-supported Bank of China, as well as ChinaUnionPay, a financial service company, have collaborated together, as per reports on the 15th of August. According to the new partnership, both partners will come together to research and develop a new payment solution by utilizing blockchain-tech.

Hand in Hand

The agreement comes as a result of responding to the increased demand from the market as well as regulations and opens up different paths to more possibilities for collaborations with both firms in the international payments sector. Both the bank and the union will explore big data and DLT integration to upgrade mobile financial products.

As part of the operation, CUP is focused on building a single access point for integrated bank services in regards to mobiles where those possessing cards will spend, exchange, trading through a QR-code scan on a payment application operating on a cloud flash system. Additionally, the bank will proceed to launch a promotion of the new payment solution as a means of introducing its customers to a secure, simple, more profitable and stronger mobile payment solution.

On the 15th of August, the USTBC in Hong Kong was granted $20M as research funds to enhance protection and security measurements involving digital payment systems. The academic institute and additional partners will undergo different talks and work together to provide better security for e-payment systems and further research blockchain-tech and how it applies to the related sector.

Earlier this month, China’s MIIT suggest that a few required steps should be taken to accelerate advertising and contribute to the adoption and awareness of blockchain-tech and its applications within the nation as a means of introducing a stronger, better performing and studier industry, including its development and expansion. The ministry is adamant about the periodic development of applications from within the financial ecosystem to additional industries like IoT and supply chain monitoring.

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