Ping An Financial Services Group has become the first Chinese member of the R3 distributed ledger consortium.
The Chinese financial services conglomerate will join with over 40 of the world’s largest financial institutions to collaborate on the development of commercial applications for distributed and shared ledger technology.
David Rutter, CEO of R3, comments: “The addition of Ping An is another important milestone for R3 as we develop our member network to represent the interests of banks and financial institutions operating in markets around the globe. We look forward to collaborating with them in our lab to develop the next generation in financial services technology.”
R3 is currently in the midst of a $200 million fund-raising initiative as it bids to get its Corda shared ledger platform off the ground with the support of member institutions.