Symbiont, a smart contracts platform for institutional financial applications of distributed ledger technology, today announced a strategic partnership with Chinese software giant Hundsun Technologies Inc, which includes an investment by a division of Hundsun in Symbiont’s Series A-1 round.
Hundsun is the dominant financial technology company serving China’s institutional securities, banking, and insurance industries. Publicly traded on the Shanghai Stock Exchange, its market capitalization is approximately CNY 24 billion.
The strategic partnership brings Symbiont’s market-leading smart contracts software to Hundsun’s extensive customer base in China and Hong Kong, where the parties intend to streamline business processes in both public and private securities markets.
Guan Xiaolan, executive president of Hundsun said:
“We selected Symbiont because of its superior, mature and highly differentiated DLT stack. Its data layer is protected by market-leading security and privacy solutions, and its smart contracts have a proven ability to automate complex business logic, such as highly tailored employee compensation waterfalls for private companies.”
Mark Smith, CEO of Symbiont said:
“We are very pleased to have the backing of such a strong partner in Asia, and we look forward to working together on near-term opportunities. To have the support of such a prominent and respected partner is a clear vote of confidence for Symbiont.”
Back in April 2014, Hundsun Technologies got an investment from Chinese billionaire Jack Ma’s Alibaba Group Holding Ltd, the world’s biggest e-commerce firm. The investment totaled 3.3 billion yuan ($531.78 million) to take a controlling share of the financial software firm.