China Construction Bank (Asia) and IBM (NYSE: IBM) have announced the development of a blockchain-enabled bancassurance project in Hong Kong. The solution is designed to streamline CCB (Asia)’s bancassurance via faster transaction processing time and increased transparency.
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Mr. Guo Zhipeng, Deputy Chief Executive of CCB (Asia), said, “As one of the most active global financial hubs, Hong Kong plays a key role in embracing fintech to drive further development of its banking and finance industries. CCB (Asia) is dedicated to offering a wide array of banking products and services to customers, and we strive to leverage new technologies to bring more products, more choices and better experience to our customers. After the successful launch of this blockchain-enabled bancassurance project, we plan to extend our experience to other insurance partners in order to optimise our overall bancassurance business.”
“Blockchain enables businesses to transact with less friction and more trust. Working with local clients and partners across the insurance industry ecosystem, IBM helps businesses digitize transactions, bring a fundamental change in time and cost,” said Mr. Francis Ngai, general manager at IBM Hong Kong. “In working with CCB (Asia) and the partner insurers, we have seen how the technology is disrupting traditional business processes. This work sets a standard for local banking and financial institutions in the future.”
The developers say that the solution is now under testing with insurance providers and their clients and is expected to be available in the third quarter of this year. The IBM Blockchain Platform which underpins the project is based on the Linux Foundation’s Hyperledger Fabric version 1.0.