Bank of China partners with UnionPay to explore Blockchain applications. New appliance will aim to develop opportunities for cooperation between the two parties in the sector of cross-border mobile payments.
17 August, AtoZ Markets – The state-supported Bank of China (BOC) has entered an agreement with the financial services corporation China UnionPay (CUP). The newly formed alliance will now explore the Blockchain technology applications in terms of the payment system development.
Bank of China Partners with UnionPay to Explore Blockchain Applications
The partnership emerges as a result of the market demand and regulatory calls. It will further develop opportunities for cooperation between the two parties in the sector of cross-border mobile payments.
The BOC and CUP are looking into investigating big data and distributed ledger technology utilization opportunities in order to advance mobile banking products. As a part of the plan, the CUP is planning to create a unified port for mobile integrated financial services. The port will enable the cardholders to use a QR code to spend, transfer and trade on a cloud flash payment application.
The Bank of China, not to be confused with the People’s Bank of China, will accordingly launch a promotional program of the payment system to provide customers with a “safer, more convenient and more efficient mobile payment service experience.”
Bank of China Blockchain Investment
Earlier last week, we have reported that the Bank of China is planning to increase its investment in FinTech innovation. One of the local news outlets has been citing comments from a press conference on the banking industry.
According to online reports, the Bank of China’s Chief Information Officer (CIO), Liu Qiuwan, has stated that the institution is planning to increase its investment in research and development of technologies, including Blockchain, the Internet of Things and FinTech. The investment will reportedly account for more than 1 percent of the bank’s operating annual income, which in 2017, has stood at 483.7 billion yuan ($70.9 trillion).
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