A number of Chinese universities and think tanks came together on Monday, June 26, to establish a research lab in Shenzhen to focus on blockchain, artificial intelligence (AI), big data, and other cutting-edge technologies.

The initiative is being supported by the Chinese Academy of Sciences, the Shenzhen Institutes of Advanced Technology and Zhaolian Finance, CoinDesk reported.

The lab will focus on the use of advanced technology to develop anti-fraud strategies for the consumer finance industry. Currently, about 50% of the loss in the consumer finance industry comes from fraud, which is restricting future development.

In the future, the lab will also train personnel through cooperation, innovation, and exchange of resources, and serve as a platform for technological innovation talent development.

Last year in June, over 30 Chinese financial firms formed a new Financial Blockchain Shenzhen Consortium dedicated to the blockchain technology. The consortium focuses on financial use cases and serves as a platform for information sharing.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest