Ping An becomes first Chinese member of R3 blockchain consortium

Picture: REUTERS/Kacper Pempel

China’s second-biggest insurance company, Ping An Group, has become the first Chinese member of a global consortium led by fintech firm R3 that is working on ways blockchain technology can be used in financial markets, the companies said on Tuesday.

Ping An joins a group of more than 40 of the world’s biggest banks and other financial institutions, such as Barclays and Goldman Sachs, brought together last year by New York-based R3 to work together on using the technology that underpins digital currency bitcoin.

Chinese financial firms — some of the biggest in the world — had been conspicuous by their absence in the consortium.

R3 CEO David Rutter, formerly CEO of electronic trading at ICAP, one of the world’s largest interdealer brokers, called the addition of Ping An “an important milestone”.

The blockchain works as a huge, decentralised ledger of every bitcoin transaction ever made, which is verified and shared by a global network of computers and therefore is virtually tamper-proof.

The technology is being viewed as a potentially “disruptive” force that could reduce the role of banks and other intermediaries, and change the way trades in financial instruments are cleared and settled.

“We are excited about joining R3 and look forward to developing and using blockchain technology to create a more efficient way of managing financial assets digitally end-to-end,” said Ping An Group’s Chief Operating Officer Jessica Tan.

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Reuters

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.