Ant Group Launches ZAN Blockchain for Overseas Chinese

Ant Group, the fintech firm in China launched a new blockchain brand named ZAN. This newly launched ZAN is to serve Chinese in overseas markets residing in Hong Kong and Singapore. Today in China, a fintech firm Ant Group linked with Alibaba, announced to launch of a new blockchain technology brand ZAN for the overseas Chinese.

China Serving its Nationals across the World

Recently, a conference was held in Shanghai for the launch and briefing of the newly launched blockchain brand ZAN. At the conference, the Chief Executive Officer (CEO) of ZAN proposed that suit blockchain application developments and its products to serve both individual and institutional web3 developers.

Ant Group shared with the media how ZAN will assist the institutional clients to manage and issue real assets complying with the local regularities. The company claims to offer technical products ie., know-your-transactions, know-your-customer and anti-money laundering. This would enhance the Web3 businesses by means of identity authentication of customers, risk management and security protection.

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Zhang said that Ant Group has kept in mind the level of efficiency, trend and security-related challenges while developing the ZAN platform.  To cope with that, ZAN is entirely designed to invest in research, development and implementation within the Web3 space. Moreover, it would serve the nationals across the countries i.e., overseas residing in Singapore and Hong Kong.

Blockchain Drive

China banned cryptocurrency and all its related assets’ transactions back in September 2021. But few tech giants like Tencent and Alibaba kept on developing their own Blockchains based on native digital economy and blockchain technology.

Ant Group linked with Alibaba also launched AntChain (blockchain brand) back in 2020. Ant Group’s representative claimed to start the pilot testing of different projects earlier this year. e-KYC features of ZAN has been adopted by the HashKey Group which is a prominent crypto firm in Hong Kong. HashKey adopted the feature for aggregating the identity data.