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A Recap of Vechain’s DNV GL Partnership with Owner of WeChat, Tencent

A Recap of Vechain’s DNV GL Partnership with Owner of WeChat, Tencent

Vechain’s DNV GL partnered Owners of WeChat, Tencent
Fear of Facebook Coin: China plans on creating own coin, possibly WeChat Crypto

Vechain’s ever energetic associate DNV GL keeps on firing on all cylinders with colossal relationships that provide endless glories to the former.
Last year, a report by Weixin announced DNV GL signed a strategic partnership with Tencent, one of the world largest providers of online service and the owner of the popular messaging platform WeChat.
A recap of the collaboration was resurrected by China’s plan to create own digital currency due to the fear of possible threat from Facebook’s Coin, and observers are saying WeChat Crypto would be best for such competition.
On the 19th of December 2019, the Mr. Kang Wenzhao, Vice President of DNV GL and the management team of Tencent signed a strategic framework agreement at the award ceremony of Tencent Cloud ISO 27017 Cloud Service , held at DNV GL Greater China Headquarters.
Through the partnership, DNV GL was saddled with the responsibility of providing training and industry-standard certification to Tencent, its affiliates companies and Tencent Cloud customers with the aim of augmenting the latter’s objectives as well as ensuring Internet-related information security. Hence, Tencent is granted a reduced operational and business risks.
While enhancing a deeper and broader relationship, DNV GL and Tencent will also make quality relationship in the areas of blockchain application and artificial intelligence with the aim of creating a new era that is digitally transformed.
Fear of Facebook Coin: China Plans on Creating Own Coin, Possibly WeChat Crypto
The fear of the imminent launch of Facebook’s Coin has made companies in the Tech industry fasten their belt towards securing a competitive role in the emerging fintech industry made up around cryptocurrency.
According to a report from South China Morning Post , People’s Bank of China (PBoC) has joined the league of those quivered by the threat of Libra. This is coming two years after the country officially banned cryptocurrency.
The director of PBoC warned that Libra could pose huge threat to the monetary policy and financial stability of the country as well as the Chinese cross-border payments.
Concerns for possible effect of Facebook launch on the country’s economy has made China’s central bank venture into a research dedicated to creating its own cryptocurrency.

However, observers have posited that WeChat cryptocurrency would be a good starting point to batter the challenge from the 2.3 billion social media platform’s stablecoin.
The fact that WeChat has about 1.1 billion monthly active users and its existing payment system is sure another boost for the plan.
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