People familiar with the matter: Goldman Sachs and BlackRock plan to establish a joint venture with the four major Chinese banks that support the blockchain

According to The Daily Hodl, sources familiar with the matter told Caixin that US investment management companies Goldman Sachs Group and BlackRock are in talks to obtain a majority stake in the newly formed Chinese joint venture. According to reports, these joint ventures will work with major Chinese banks, which have invested billions of dollars in new blockchain projects. It is reported that Goldman Sachs is seeking to form a wealth management joint venture with Industrial and Commercial Bank of China with a planned 51% stake. It is understood that ICBC manages US $ 4 trillion in assets. BlackRock is discussing with Singapore's Temasek Holdings the possibility of establishing another wealth management joint venture with China Construction Bank, one of China's four largest state-owned banks. BlackRock and Temasek are seeking a 60% stake in the joint venture. American companies showing interest in Chinese funds are not just Goldman Sachs and BlackRock. JP Morgan (China) is currently seeking a majority stake in its Guangdong-based joint venture and has become the first Wall Street company to receive Chinese regulatory approval in November 2019. It is worth noting that, at the same time, Chinese banks are actively promoting the blockchain plan. China's four largest state-owned commercial banks, including Industrial and Commercial Bank of China and China Construction Bank, have participated in blockchain-based financial service projects.