One of China's big four banks and IBM aim to produce Hong Kong’s first bancassurance powered by blockchain.
China Construction Bank (CCB Asia) and IBM announced the development of the first blockchain-enabled bancassurance project in Hong Kong, with the aim of streamlining transaction processing and enhancing service delivery.
Built on the IBM blockchain platform, the solution is designed to enhance customer experience and the quality of services delivered through faster transaction processing time and increased transparency. The solution is now under testing with insurance providers and their clients and is expected to be available in the third quarter of this year.
Embracing Fintech
The current bancassurance arrangement can be hindered by delays in data transmission or incomplete information. By working with IBM, CCB Asia and all parties on the blockchain now have a shared view of required policy data in real-time, reducing the need for time-consuming status checks which can delay processing time.
This is accomplished through a shared, immutable ledger used for recording transactions. It helps establish accountability and transparency among network participants, enabling CCB Asia and its partner insurers to deliver the services more efficiently.
«As one of the most active global financial hubs, Hong Kong plays a key role in embracing fintech to drive further development of its banking and finance industries,» said Guo Zhipeng, deputy chief executive of CCB Asia.
