In an announcement published in People’s Daily on November 20th, Ping An Bank has announced the upcoming launch of a boutique. The subsidiary of the Ping An Insurance Group will use blockchain, the Internet of Things (IoT), and cloud services to me this boutique possible.
Investopedia defines a boutique as a “small financial firm that provides specialized services for a particular segment of the market.” CoinTelegraph adds that they do not provide full services, and they are meant more for individual services.
The new boutique bank will require the help of Ping An Group’s scientific and technological skills to create a resource for enterprises. With also the help of the Group’s financial capabilities, the services will be offered through the supply chain receivables service platform by Ping An Bank (SAS). Each transaction will be authenticated through SAS.
Right now, there are multiple changes to the business conducted by Ping An Bank, including the way that they use AI technology, big data, blockchain, and cloud computing. These changes are an effort to “ensure low-cost, efficient and personalized public services,” based on the report from People’s Daily.
The People’s Daily publication also added that using these technologies on the platform and within the boutique bank will,
“improve management and service levels and achieve comprehensive management, marketing, risk control, wealth management, payment, operations and financing.”
Last week, the Sanya municipal government decided to collaborate with the Ping An Insurance group for “Smart City” construction. The agreement, which was reported by CoinTelegraph on November 14th, is based on “blockchain, […] biometrics, and other technologies.”