China Securities and Futures Industry Blockchain Consortium Established to Enhance Industry Infrastructure and Technological Innovation
December 30, 2021 saw the founding ceremony for the China Securities and Futures Industry Blockchain Consortium (the Consortium for short). Under the guidance of the Bureau of Technology Regulation of the China Securities Regulatory Commission (CSRC), and jointly initiated by the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) in conjunction with securities companies, asset management companies, technology providers, universities and other core institutions in the industry, the Consortium aims to further integrate industry resources, strengthen the construction of information infrastructure in the industry, and explore reg-tech and technological empowerment based on blockchain technology. With multiple venues set in Beijing, Shanghai and Shenzhen, and co-hosted by the SSE and the SZSE, the event was broadcast live through the SSE Roadshow Center. Attending the meeting via video link were relevant officials of the Bureau of Technology Regulation of the CSRC and a total of 68 founding members of the Consortium. The White Paper on Blockchain in the Securities and Futures Industry (2021), officially released at the meeting, demonstrated the explorations and practice and the future development of blockchain in the industry. The articles of association of the Consortium and the list of the first batch of member institutions were introduced and approved at the event.
In his address to the meeting, Director-General Yao Qian of the Bureau of Technology Regulation of the CSRC acknowledged the earlier achievements made by the Consortium initiators in exploring blockchain scenarios. In his hopes for the future development of the Consortium, Yao called on the Consortium to create an open development platform with an accurate positioning, strengthened organization and coordination, and priority to the development of business scenarios. When making remarks on behalf of their own exchanges at the event, SSE Executive Vice President Liu Shaotong and SZSE Chief Engineer Yu Huali called on the Consortium members to steer innovation, optimize the resources for sharing, participate in regulated governance, further advance the application and innovation of blockchain technology in the industry, and continuously improve regulatory intelligence and efficiency.
In his keynote speech on new types of financial infrastructure, Jiang Dongxing, Deputy Director-General of the Bureau of Technology Regulation of the CSRC, hoped that the Consortium could play a greater role in the construction of new information infrastructure, make effective efforts in coordination and demonstration, and build a sci-tech research system characterized by collaboration and innovation in the industry in order to drive the industry’s technological development. Representatives from the Consortium members such as the Securities Association of China, Guotai Junan Securities, and Shenwan Hongyuan Securities also gave speeches to share views on the application of blockchain technology and the future development of the Consortium.
At a new starting point for creating new advantages in the digital economy during the “14th Five-Year Plan” period, the establishment of the China Securities and Futures Industry Blockchain Consortium provides a new collaboration platform for the industry. In the future, the Consortium members will work together to carry out joint research, development, governance and sharing on blockchain in the industry, propel the industry innovation in the application of blockchain, and create high ground in digital finance.