Credit China FinTech Holdings Limited, a leading integrated fintech service provider in China, has been appointed as a founding member of the Global Blockchain Business Council (GBBC).

Leading blockchain technology company Bitfury and international law firm Covington announced the establishment of GBBC at the first Blockchain forum of the World Economic Forum in Davos, Switzerland on 17 January 2017. GBBC aims to bring together the world's leading business leaders and international government institutions to highlight the latest innovations and advances in blockchain technology.

With operations established in 2003, Credit China FinTech has over 21 million users in its FinTech ecosystem and has processed over RMB 800 billion payment transactions in 2016. It intends to apply blockchain technology in the custody of assets in its online lending business and supply chain finance business. The company is also studying on how to apply the technology in other business areas.

Credit China FinTech is one of the 25 founding members of the GBBC and the only member from Hong Kong, China.

"It is our pleasure to represent Hong Kong, China, to be the founding member of the GBBC together with the world's top business leaders. With the help of Credit China FinTech's capabilities and advantages in China and Southeast Asia FinTech industry, we aim to build a better environment for the development of Blockchain technology to be applied in global commerce, communications, financial services, intellectual property, and other areas”, Phang Yew Kiat, vice-chairman and chief executive officer of Credit China FinTech, said.