Another development happening in the digital currency industry beginning in January 2016 has combined the forces of the University College Cork and Zhejiang University China who have linked together with the International Street State bank for research and development to study crypto-currencies and future investor technologies.
State Street Corporation is the second oldest financial institution in the United States founded in 1872 with offices in twenty nine countries and its headquarters in Boston. Divided into three divisions which consist of a custodian bank with assets of $28 trillion, investment management services totalling $2.45 trillion and investment research and trading services.
University College Cork also known as the National University of Ireland was founded in 1845 and among other rankings and awards like the top preforming university 2015 by the European Commission funded U-Multirank system which is based on the highest number of “A” scores, it has also been named Irish University of the year on four occasions by the Sunday Times as recently as 2015/16.
Zhejiang University China which was founded in 1897 is considered one of China’s oldest and most prestigious institutions of higher education with one of the largest academic libraries in the country consisting of around seven million volumes. It is a comprehensive research university with national and international impact.
ZJU focuses on diligent study and research spanning 12 academic principles including art, economics, agriculture, engineering, history, education, law, literature, management, medicine, natural sciences, and philosophy with a specialist focal point in the area of science and technological innovation.
There are two areas being targeted by the researchers at UCC and ZJC which are crypto-currencies like Bitcoin as well as underlying technologies that investors will use in the future.
Starting initially with twenty students from both universities, the partnership will include a technology centre and a research exchange programme for students between the two universities.
The dean of Cork University Business Ciaran Murphy said that in becoming the site for the technological centre, the UCC had beaten off some stiff competition from other universities in Europe.
“In joining with our colleagues in Zhejiang University we are collaborating with one of the top three universities in China. We are confident that the centre will create a unique global research experience for our students and will help Ireland to be at the forefront of FinTech research,” said Prof Murphy.
Executive vice dean of Zhejiang University Software College and head of State Street Zhejiang University Technology Centre Yang Xiaohu stated that the ZJC had for 14 years been in partnership on research and development of advanced information technologies for State Street’s global requirements.
“We appreciate this new initiative very much and look forward to working together with State Street and UCC for more success,” said Mr. Yang.
State Street has a significant Irish operation with offices in Naas, Drogheda, Dublin and Kilkenny and employs around one thousand staff placing itself as one of Irelands leading fund services companies.
Susan Dargan, head of State Street’s Global Services Offshore business, told The Irish Times;
“Over the last couple of years FinTech has become key to organisations like State Street”
“We are looking at where our industry is going next. Ireland as a location is seen as very saleable. The breadth of international financial services capability and the breadth of the technology industry are probably unrivalled in terms of ability to access the full knowledge base. It was natural that we would look at Ireland as a location.”
“It’s a natural extension of our innovation agenda, and gives an opportunity to the research bodies to work together on joint technology projects and emerging technology projects,” said Ms Dargan.