CITIC Bank, one of the leading banks in China, has announced that it successfully held a seminar on blockchain and financial innovation in Beijing last month.

CITIC aims to accelerate blockchain adoption in China's financial industry and called for the study of establishing China interbank blockchain alliance. The country is already witnessing some activity in this regard with the formation of ChinaLedger and Financial Blockchain Shenzhen Consortium dedicated to blockchain technology.

The bank said that a total of 50 people attended the seminar, which included representatives from Minsheng Bank, China Everbright Bank, Huaxia Bank, Prudential Bank, Beijing Rural Commercial Bank, Merchants Bank, Sunshine Insurance, Air China, China Eastern Airlines, Shenzhen Airlines, experts and scholars from Beijing University of Aeronautics and Astronautics and other institutions.

During the seminar, CITIC president Sun Deshun highlighted the potential of blockchain technology to transform the country’s financial infrastructure. Deshun explained that bank’s competitive advantage in the future will depend more on the ability to integrate the resources, through fast, efficient and low-cost blockchain systems, adding that the technology can help accelerate the transition of traditional banks to financial technology companies.

According to CITIC Bank, organizer of the seminar, bringing together representatives from across multiple industries including financial institutions, aviation, science and technology and others will help accelerate the adoption of blockchain technology.