Shanghai Stock Exchange to Bring Blockchain in Assets, Pension Funds

The Shanghai Stock Exchange has forged partnerships with major players in China’s insurance and reinsurance industries to promote the use of blockchain in asset management and pension funds.

The Shanghai Stock Exchange (SSE) has entered into deals with insurer and reinsurer groups in China to adopt blockchain technology to improve the security and efficiency in both industries while also promoting “the use of blockchain in the asset management and pension industry,” reports China Securities Journal newspaper.

The SSE inked partnership deals with China’s big leagues of the insurance industry, including the Insurance Asset Management Association of China (IAMAC), as well as the Changjiang Pension Insurance Company, Tokyo Maritime Sunshine, Sumitomo Mitsui Marine, and other insurance companies to “build a distributed data interaction platform, and solve the problem of information islands,” using blockchain and to “create a new, high-efficiency, low-cost and safer insurance industry.”

The report said:

“The digital transformation of enabling insurance will build a blockchain service platform to solve the bottleneck problem of enterprise innovation. With convenient and efficient application development, flexible deployment mode and visual monitoring and operation platform, Baotong Chain is committed to building a blockchain BaaS (blockchain as a service) service platform for enterprises, reducing the threshold of enterprise technology innovation and risks.”

At the same time, the SSE forged an alliance with Taiping Asset Management Co., Ltd., to encourage the insurance asset management industry, build a distributed data interaction platform, and solve the problem of information overload.

It added that SSE and IAMAC have also committed to promote the use of blockchain in the asset management and pension industries based on the verification of the “Alternative Investment Credit Scheme Interconnection” completed by the former stock exchange and Taiping Asset Management Co., Ltd., and the verification of the “Application in the Annuity Operation Management” under the Changjiang Pension Insurance Co., Ltd.

The parties agree that leveraging blockchain in insurance asset management would lessen contract information fraud and information asymmetry while improving the efficiency of data flow by ‘uplinking’ the transaction information of a product and real-time monitoring of asset situation.

At the same time, the SSE signed a cooperation deal with Taiping Jinfu on the platform and used blockchain technology to further enhance the digitalization capability of Taiping Group’s procurement center and related financial services. So far, China Taiping and the SSE have explored and tried blockchain applications in various fields such as life insurance, property insurance, financial services, and asset management.

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