The Securities Association of China (SAC), a self-regulatory organization for the securities industry, recently held a symposium with Chinese brokerages to promote blockchain applications in China’s securities industry. The deputy director of the association’s Tech Bureau, Dongxing Jiang, said the association will implement its blockchain infrastructure plan, known as the “Securities Industry Alliance Chain,” and improve the industry’s blockchain adoption rate in the next five years.
Fast facts
- The SAC said the blockchain system will be a “two-layered”: a government-built chain for regulation, and private chains built by regional securities exchanges for trading businesses.
- In January, the Securities Industry Alliance Chain was launched with a blockchain application called the Electronic Papers Supervision System. It is designed for investment banks to submit their electronic paper for regulators’ audits. The system can directly connect with the brokerages’ internal electronic paper database. Six securities companies have joined the system: Haitong Securities, Guotai Junan Securities, China Merchants Securities, Guangfa Securities, China Galaxy Securities, and Zheshang Securities.
