China UnionPay, Bank of China partner to explore blockchain and big data

Bank of China (BOC), a leading state-owned commercial bank in China, is partnering with financial services corporation China UnionPay (CUP) to joint explore blockchain technology and big data for applications in payment systems, CoinTelegraph reported.

They signed a mobile payment strategic cooperation agreement in Beijing on August 15. Under the agreement, Bank of China and China UnionPay will leverage their respective strengths and expertise to promote the healthy and rapid development of the payment industry and work towards providing digital mobile finance for customers.

“In response to market demand and regulatory requirements, the signing of this strategic cooperation agreement will further deepen the innovative cooperation between the two parties in the field of mobile payment, promote product optimization and marketing promotion of mobile banking and cloud flash payment APP, and jointly explore big data and blockchain,” the announcement reads (loosely translated).

Earlier in May, reports suggested that BOC will use blockchain technology to back its efforts aimed at alleviating poverty in the Tibet Autonomous Region.

The Chinese government is reportedly working on national standards for blockchain technology to foster the use of the technology in the country. Last week, China Money Network reported that the Chinese Ministry of Industry and Information Technology (MIIT) is exploring the ways in which it can accelerate blockchain adoption.

More recently, China's Communist Party has published an explainer for officials and members in a move to encourage blockchain literacy across public offices.