(Yicai Global) March 27 -- A wholly-owned subsidiary of HyUnion Holding Co. will provide blockchain technology services to a Beijing-based online insurance company to help it develop financial payment and point-based wallet services.

Union Mobile Financial Technology Co., UMFT, the wholly-owned subsidiary, signed a technology service and development agreement with Beijing Cheyuche Technology Co., or BCT, yesterday, the auto parts and fintech service provider said in a statement today.

Per BCT's requirements, UMFT will use the underlying technology framework of its blockchain consortium to help BCT develop financial services including payment, withdrawal, refund and account reconciliation. Under the deal, BCT will pay UMFT CNY6.8 million (USD1.08 million) to finish the project within an undisclosed time period.

UChains, an underlying blockchain platform UMFT independently developed last year, has passed the test for credible blockchains held by the Chinese academy of information and communications technology affiliated to the ministry of industry and information technology, the statement said, adding that the signing of the deal marks early achievement of HyUnion's blockchain strategy.

BCT is an online insurance technology firm and provides insurance services for a number of well-known Chinese internet companies such as Baidu Inc., Autohome Inc. and Xiaomi Inc., public information shows.