CertiK, a blockchain security firm, has teamed up with Alibaba Cloud, the cloud computing arm of Alibaba Group. Under this partnership, CertiK plans to move its cloud infrastructure across Asia to Alibaba Cloud. Additionally, they will leverage Alibaba Cloud's capabilities to host a suite of 12 blockchain applications. “For over five years, we have believed in the transformative power of blockchain technology”, Ronghui Gu, Co-founder of CertiK, said in a statement.

In May 2023, CertiK and Alibaba Cloud commenced their partnership by launching CertiK's security suite on Alibaba Cloud's Blockchain as a Service (BaaS) platform. This integration enabled CertiK developers to perform code reviews, risk assessments, team identity verification, and background checks using Alibaba's cloud infrastructure. Initially, CertiK integrated its smart contract auditing and layer 1 blockchain auditing services, with future plans to introduce penetration testing and CertiK's Skynet due diligence tool.

Alibaba Cloud has previously entered the blockchain arena, collaborating with Avalanche Blockchain to support its Node-as-a-Service initiatives. This partnership allowed Avalanche developers to deploy new validator nodes on Alibaba's cloud infrastructure. The additional computing, storage, and distribution resources offered by Alibaba Cloud proved beneficial for developers dealing with high resource demands during peak hours. Beyond blockchain and Web3 applications, Chinese entrepreneurs and investors are increasingly focusing on artificial intelligence (AI). Four Chinese startups specializing in generative AI recently surpassed valuation marks of $1 billion, positioning themselves as competitors to established players like OpenAI.

Several startups like Zhipu AI, Moonshot AI, MiniMax, and 01.ai have garnered significant backing from local investors and are actively recruiting talent to advance their innovative AI products. Recently, Alipay, Alibaba's payment subsidiary, integrated an AI capability into its payments app. This AI feature employs image recognition technology trained on a vast dataset of medically relevant images, assisting users in identifying early signs of hair loss.

Users can upload pictures of their scalps, and the app provides suggestions, including recommendations for medical care when necessary. In its latest financial stability report, the People’s Bank of China (PBoC) addressed issues related to cryptocurrency regulation and decentralized finance. The Chinese central bank emphasized the need for joint efforts by different countries to regulate the industry effectively.

In 2021, the People's Bank of China (PBoC) announced initiatives to combat the adoption of cryptocurrencies within mainland China, emphasizing the need for enhanced inter-departmental coordination to crack down on crypto-related activities. Despite the ban on nearly all crypto transactions and cryptocurrency mining, mainland China has maintained its status as a significant crypto-mining center. Recent reports indicate that China plans to update its antiquated Anti-Money Laundering (AML) legislation to address the growing risks associated with virtual assets. The proposed amendment was discussed during a State Council meeting chaired by Chinese Premier Li Qiang and is slated for review by the national legislature.

Source : CEO Insights Asia - Jul 2, 2024