Ant Group, the fintech unit of China’s internet giant Alibaba, has launched new blockchain service called ZAN. ZAN is aimed at Hong Kong and overseas markets.
ZAN offers blockchain application development products and services for both institutional and individual web3 developers. ZAN also provides technical products, including electronic know-your-customer, anti-money laundering and know-your-transactions services.
According to Ant Group, ZAN can help institutional clients to issue and manage real-world assets in compliance with local regulatory requirements.
China banned all cryptocurrency transactions in September 2021 but the country remains bullish on homegrown blockchain technology and digital economies. Chinese tech giants, such as Alibaba and Tencent, have been concerting efforts into developing their own consortium blockchains.