The Shanghai Stock Exchange (SSE) is working with the Insurance Asset Management Association (IAMAC) to streamline the insurance and pension systems by using blockchain technology, as reported by China Securities Journal on 20 August.
According to the China Securities Journal, one of the stock exchange giants in the world, the Shanghai Stock Exchange (SSE) has received partnership approvals from several insurance operators such as the IAMAC, Changjiang Pension Insurance Company, Tokyo Maritime Sunshine, and others.
The target of the new collaboration is “to create a new, high-efficiency, low-cost and safer insurance industry” by using blockchain tech.
“The digital transformation of enabling insurance will build a blockchain service platform to solve the bottleneck problem of enterprise innovation. With convenient and efficient application development, flexible deployment mode and visual monitoring and operation platform.”
The Shanghai Stock Exchange unveiled its intentions to integrate blockchain technology into its securities transactions since mid-July, indicating a rising adoption rate of the DLT by major institutions.
A few days ago, Y Combinator, an important US-based entrepreneurial player, revealed about its Chinese division launch, aimed to “build a long-term local organization that will combine the best of Silicon Valley and China and create a lot of innovation.”
Another giant in the financial industry, Intercontinental Exchange (ICE), also known as the parent company of the New York Stock Exchange (NYSE), has earlier this month disclosed its intentions to design an “open and regulated, global ecosystem for digital assets” in collaboration with Microsoft and others.