Chinese Bank ICBC to Develop Blockchain Technology

Chinese Bank ICBC to develop Blockchain technology as a part of its wider initiative to create “intelligent banking” and “accelerated deployment in the field of financial technologies.”

4 September, AtoZ Markets The head of the Industrial and Commercial Bank of China (ICBC) has stated that the bank is planning to focus on Blockchain technology development.

Chinese Bank ICBC to Develop Blockchain Technology

The Industrial and Commercial Bank of China has been established back in 1984. It is reportedly the largest bank in China with more than 5,000 corporate and 530 million personal clients. In 2017, the ICBC has concentrated its efforts on the creation of “intelligent banking” and “accelerated deployment in the field of financial technologies.”

The Chairman of ICBC, Yi Huiman, has reportedly stated that the financial institution will focus on developments and innovation in cloud computing, big data, artificial intelligence (AI), the blockchain, and the Internet of Things (IoT).

As per some of the local news outlets, the bank is planning to work on finding the use cases for “smart banking,” This would reportedly contribute to the improvement of the service in the financial ecosystem. It can also help secure the financial data that is being shared with third parties. 

In general, China is known for its strict stance when it comes to the digital currencies. Cryptocurrency market regulations in the country are managing the way crypto businesses operate in the country since September 2017. 

However, aside from its negative stance, China has also acknowledged benefits of the Blockchain technology. The nation is also actively working to develop and apply the technology in a number of industries. 

Just last week, the Beichuan Qiang Autonomous County of Sichuan Province and Beijing Sinfotek Group set up a new Blockchain company for “forestry economic development and industrial poverty alleviation.”

China Explores Blockchain

Earlier last month, the Communist Party of China (CPC) issued a primer on Blockchain technology and its possible applications. Via its book, the CPC reportedly plans to help government authorities to understand the concept of distributed ledger technology (DLT). The party also wants to assist the officials in considering the benefits and possible challenges of adopting Blockchain technology.

In August, AtoZ Markets reported that he 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.

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.

Think we missed something? Let us know in the comments section below. 

Share Your Opinion, Write a Comment