Hong Kong explores blockchain bancassurance project

September 22 2017 by InsuranceAsia News Staff

One of China’s big four banks, China Construction Bank Asia (CCB Asia), and IBM are aiming to produce Hong Kong’s first bancassurance project powered by blockchain.

CCB Asia and IBM seek to streamline transaction processing and enhance service delivery through the first blockchain-enabled bancassurance project in the city.

Built on the IBM blockchain platform, the solution is designed to improve customer experience and the quality of services delivered through faster transaction processing times and increased transparency.

It is now under testing with insurance providers and their clients and is expected to be available in the third quarter of this year.

CCB Asia deputy CEO Guo Zhipeng said Hong Kong plays a key role in embracing financial technology to drive further development of its banking and finance industries.

Guo added that CCB Asia plans to extend its partnership with other insurance companies to optimise the bank’s overall bancassurance business.

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