Ant Group, the Chinese fintech powerhouse, introduces its international blockchain brand, ZAN.

Ant Group, the Chinese fintech powerhouse, introduces its international blockchain brand, ZAN.

The Launch of ZAN: Ant Group’s New Blockchain Service

Ant Group, the fintech affiliate of Alibaba, has introduced ZAN, a blockchain service designed for Hong Kong and overseas markets. As the CEO of ZAN, Zhang Hui stated at a conference in Shanghai, the platform offers a comprehensive range of blockchain app  development products and services for both institutional and individual Web 3.0 developers.

ZAN aims to help institutional clients in issuing and managing real-world assets in accordance with local regulatory requirements. In addition, the platform provides technical products like electronic know-your-customer, anti-money laundering, and know-your-transactions services to strengthen the capabilities of Web 3.0 enterprises in customer identity authentication, security protection, and risk management.

Zhang emphasized the importance of addressing the bottlenecks and inefficiencies encountered during the app  development process. ZAN is committed to investing in the research and development of Web 3.0 technologies and products while offering extensive and reliable technical services to facilitate the community. Collaboration with partners is likewise critical to driving Web 3.0 developments and innovations.

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The Blockchain Drive in China

Regardless of the ban on digital currency transactions in China, the country continues  to demonstrate enthusiasm for homegrown blockchain technology and digital economies. Chinese tech giants like Alibaba and Tencent are actively involved in the development of their own consortium blockchains.

Ant Group, an affiliate of Alibaba, previously launched its blockchain brand, AntChain, in July 2020. ZAN’s technical services have been piloted by Ant Group since earlier in the year. Notably, HashKey Group, a Hong Kong cryptocurrency firm, has adopted ZAN’s e-KYC feature for its identity data aggregator service.

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Hot Take: Advancements in Blockchain Technology in China

China’s ban on digital currency transactions hasn’t deterred the country from exploring and embracing blockchain technology. With the launch of ZAN by Ant Group, an affiliate of Alibaba, it is evident that Chinese corporations are actively investing in the development of blockchain solutions. This demonstrates China’s commitment to fostering digital economies and remaining at the forefront of technological innovation. By offering comprehensive blockchain services and collaborating with partners, Ant Group intends to accelerate the expansion and adoption of Web 3.0 technologies. The introduction of ZAN and similar initiatives underline the  capacity of blockchain to transform industries and drive economic progress.

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