Binance’s new blockchain research institute in China has forged a strategic partnership with a state-level supply chain innovator, Zhongshang Beidou to jointly develop digital infrastructure for SMEs in the country.
It ultimately falls under the oversight of a ministerial-level organization known as the State-Owned Assets Supervision and Administration Commission of the State Council” or SASAC.
SASAC is under the direct management of China’s State Council, and is responsible for managing all 96 centrally administered state-owned enterprises in the country.
The Binance China Blockchain Institute and Zhongshang Beidou will cooperate on using blockchain technology to reconstruct supply chain infrastructure as well as promoting industrial innovation and the development of China’s digital economy.
As strategic partners they will collaborate on scientific research, joint project development and commercializing technological breakthroughs and platform construction.
Zhongshang Beidou’s chairman Hongtao Duan said the enterprise is:
“Committed to driving industry capitalization through information industrialization, bringing China-based brands to the capital markets and to the global audience. By applying blockchain technology to the supply chain industry, it will also help protect and reshape the vintage brands and agricultural brands in China.”
Binance first launched its Shanghai-based research institute in March, in a sign that the exchange could be making tentative steps toward re-establishing its links with China.
Binance China Blockchain Institute also joined the United Nations Global Compact as a high-level UN partner in mid-June as part of efforts to facilitate Beijing’s Belt and Road Initiative, according to the announcement.
Other UNGC members include 15 major Chinese enterprises and institutions, among them the China Development Bank, Sinopec and the State Grid Corporation of China.
With the cooperation of Zhongshang Beidou, the Binance China Blockchain Institute is also launching an initiative called the “New Digital Infrastructure — Hundred Cities Thousand Enterprises Spark Project.”
Through the Spark Project, the Institute will invest 100 million renminbi in over 1,000 micro- and SMEs over the next two years.
These enterprises will be provided with access to the Binance ecosystem, helping them build blockchain industry alliances and providing them with support for digital transformation.