Blockchain Tech To Improve Pension and Insurance Industries in New Collaboration Between the Shanghai Stock Exchange and the IAMAC
The Shanghai Stock Exchange (SSE) is known for its ranking as the fourth largest stock exchange in the entire world. With such a significant demonstration of their country’s involvement in the industry, it should not shock anyone that they are using blockchain in multiple ways beyond the scope of cryptocurrency. Recently, on August 20th, the China Securities Journal reported that the SSE would be working with the Insurance Asset Management Association of China (IAMAC). These two entities aim to improve the insurance and pension industries for the rest of the country.
The IAMAC is not the only group that the SSE is working with to help with the insurance industry. The collaboration also includes the support and cooperation of Changjiang Pension Insurance Company, Tokyo Maritime Sunshine, and other groups. In the newspaper article, the group says that their goal is to use technology to “create a new, high-efficiency, low-cost and safer insurance industry.” The article goes on, saying, “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.”
Earlier reports from CoinTelegraph on July 12th announced the SSE’s plans to integrate blockchain technology into securities transactions as well. The hope was that the transactions with create publicity for adoption of distributed ledgers to other industries and larger companies. As a result, Y Combinator announced last week that they are expanding their company to include a China-based division. The role of this new division will be to “build a long-term local organization that will combine the best of Silicon Valley and China and create a lot of innovation.”
The Intercontinental Exchange in New York seems to be following along as well, since they exposed their plans to partner with Microsoft, Starbucks, and others in the country. Their mission is to build up an “open and regulated, global ecosystem for digital assets.”