A small number of Australian Blockchain startups have been in Shanghai since the beginning of the week. This visit has been the efforts of both the Australian and Chinese governments to strengthen their relationship in the Blockchain industry.
Delegation Visits Ant Financial Headquarters
A delegation comprised of some of the nation’s domestic Blockchain start-ups was organized by the joint collaboration of Austrade (Australian Trade and Investment Commission) and the Australian Digital Commerce Association. This delegation will be paying a visit to among the largest fintech companies in China this week. This news was announced by the Australian Financial Review.
The first major fintech firm that the delegation paid a visit to on Monday was Ant Financial, which has its headquarters in Shanghai. Ant Financial operates Alipay which is the largest mobile payment platform in the world boasting of over 520 million users and is estimated to be worth $150 billion.
Ant Financial has so far raised a staggering $14 billion this year alone in Series C funding. The funds raised were said to be channeled towards the development of the Blockchain technology in the company. In the same month that these funds were raised, the firm’s hong kong subsidiary announced the launch of a remittance service in the Philippines whose operations would be almost real-time. This service was based on the Blockchain technology.
The Alibaba owned payment firm is aimed at expanding this service globally and extending its applicability to other consumer-based applications.
Australia Leading ISO committee
China is currently leading in the number of patents applied for by domestic companies related to Blockchain technology. Alibaba is leading the pack when it comes to the number of Blockchain patents applied for, accounting for 10 percent of the total patents applied for in the world. A close second is IBM going by the research conducted by Thomson Reuters.
The delegation will also be in attendance at the Wangxiang 4th Global Blockchain Summit that is currently taking place in Shanghai.
China seems to appreciate the fact that Australia plays a very important part in promoting global Blockchain standards especially after the nation was designated to be the leader of a committee made up of thirty-five member nations of the ISO (International Organization for Standardization) by the organization. Earlier this year, the standards authority in Australia revealed the route they will be taking in championing for a unified approach to Blockchain standards.
Contrasting Outlooks Towards Cryptocurrencies
Although both Australia and China have been seen to embrace a similar outlook towards the decentralized ledger technology, they have both also adopted contrasting outlooks when it comes to Cryptocurrencies.
China has been seen to take a very strict stance when it comes to Cryptocurrencies going as far as outrightly banning trading in digital tokens within the country. China has put in place several restrictive regulations towards Cryptocurrencies including a ban on ICOs which came into effect last year.
On the other hand, Australia seems to embrace the sector. The nation has this year put regulation in place that requires operators to register with the financial intelligence agency and adhere to its rules.