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ING and Bank of Beijing: Digital Banking Joint Venture

ING and Bank of Beijing have collaborated on a joint venture for a digital bank in China.  $448 million is being pumped into this venture.   Here is the breakdown of the venture:

3 billion yuan which is approx $448 million, in which ING will hold 51% and the Beijing bank will hold 49% stake.

If this is approved it will become China’s first commercial lender in which a foreign (ING) shareholder has a controlling interest.

The Bank of Beijing is the largest city commercial bank in Chain with over 500 branches across 12 major cities.

These 2 banks have a long-standing relationship as the Dutch Bank (ING) first acquired a minority interest in the China-based lender in 2005 and is currently the largest shareholder in the Bank Of Beijing with a 13% stake.

Let’s not forget:

January 29th INg Bank signed a major five-year deal with enterprise software firm R3, entitling the bank to an unlimited number of licenses for R3’s commercial blockchain platform, Corda Enterprise. This deal will allow ING to roll out access to Corda Enterprise throughout the bank globally and deploy production-ready CorDapps across a wide range of business areas.

Corda Network allows settlement of funds and transfer of data between communities of nodes which could be a collection of business networks and/or private networks which can be done via the CorDapps.

Furthermore, Corda Settler can settle payment obligations arising on Corda with XRP, which is integrated with the Corda settler. Moreover, Corda Enterprise offers additional features targeted at the needs of large and complex organizations, such as the world’s only Blockchain Application Firewall, 24/7 support, dedicated product management and support for industry-standard enterprise databases.

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