Jiangsu Suning Bank, a private online bank backed by Suning Commerce Group Co., has developed a credit blacklist sharing platform using blockchain technology so that financial institutions can save their blacklist data for joint action against fraud, Xinhua Daily reported today.
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The first private bank in east China’s Jiangsu Province, Jiangsu Suning Bank celebrates its first anniversary in June. The bank was started in June 2017 with an investment of approximately 590 million U.S. dollars. Currently there are 14 private banks in China out of a total of 17 approved so far since the launch of the plan in 2014.
Xinhua reports that as the first O2O bank (offline to online bank) in the country, Suning Bank has used advanced technology for the betterment of the banking sector, and has been innovative. Sunning has also created an online credit letter transfer system using blockchain technology. Within the first year of their operations the Suning bank has achieved beyond expectations according to the news agency.
With blockchain invading all aspects of digital life, banking sector would benefit immensely due to blackchain technology’s security. On 12 of June Korea Federation of Banks (KFB) announced that a blockchain-based identity verification program “BankSign” will be launched in July according to reports.