A client of China Merchants Bank recently made a successful payment through Wing Lung Bank Qianhai branch to his Hong Kong bank account, which marks the first application of the blockchain technology in the area and became the first cross-border payment of its kind in the country.
Blockchain technology has been occupying the minds of financial services industry professionals in recent years. With a wide array of financial and nonfinancial use cases, blockchain is often considered a solution to almost any problem in the banking industry and beyond.
International financial institutions and other organizations have come to realize the importance of research and blockchain application pilots and projects in discovering the right use case and consequent benefits.
To apply the technology, Qianhai held related forums last year and encouraged its financial enterprises to develop practices.
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