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Ping An Insurance Group-backed bank Ping An Bank has announced it would launch a boutique blockchain-based bank. Besides blockchain tech, the bank will be using cloud services and IoT (Internet of Things).

Ping An Insurance Group is a leading Chinese tech-powered holding conglomerate and the largest insurance group in 2017. It focuses on providing financial consulting, insurance & banking services.

The Executive Director of Ping An Bank, Yao Guiping has said that the main goal of the company's business is to be “an open, intelligent boutique company bank.”

According to the announcement, in the future the bank will rely on Ping An Group’s fintech resources in order to provide “integrated financial services to enterprises through a platform-based platform.”

Yao Guiping also said that Ping An Bank will use its artificial intelligence products and big data technologies to improve management and service levels, marketing, risk control, wealth management, payment, operations and financing.

China is well-known for its anti-cryptocurrency policy, though it has nothing against the blockchain tech. Previously, the Sanya Mu­nic­i­pal Gov­ern­ment partnered with Ping An in order to de­velop “Smart City” con­cept.

Earlier, Chi­nese Cy­ber­space Ad­min­is­tra­tion, the coun­try’s In­ter­net reg­u­la­tor, de­vel­oped a new set of rules which de­prives the anonymity of blockchain-based ser­vices.

The new reg­u­la­tions are requiring the users of such ser­vices to pro­vide their real names and na­tional iden­ti­fi­ca­tion card num­bers dur­ing the reg­is­tra­tion process.

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