The commercial bank was founded in the late 1980s and has become the second financial firm in China to join the initiative. In June 2016, Ping An, an insurance company, has joined the consortium, signalling the groups growing interest in the Asian market.
The bank has offices in both China and abroad, including one in New York where R3 is headquartered.
Tianhong Zhou, IT general manager for China Merchants Bank, believes blockchain holds great potential for the financial industry and added that the bank looks forward to working together with R3 to deliver the innovation required to improve a range of financial services and processes, according to CoinDesk.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now