Tencent Cloud and WeBank Launch Fintech Lab to Explore Open Banking in China

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Tencent-backed online lender WeBank (微众银行) has teamed up with Tencent’s cloud platform to launch a new fintech research lab.

Tencent Cloud (腾讯云) and WeBank announced the establishment of the “Tencent Cloud – WeBank Fintech Innovation Lab” (腾讯云-微众银行金融科技创新实验室) at a press conference held in Beijing on 29 March.

The lab will be based upon the “development concept” of open banking, and engage in “joint research and technological innovation in the areas of basic frameworks, financial applications and experiential innovation.”

“[The lab] will pursue cooperative research and development of fintech applications directed at open banking scenarios, help financial institutions to create ubiquitous fintech services, and help drive the development of financial inclusion.

“Both parties will explore the in-depth application of distributed computing, distributed databases, quantum communications and intelligent operating systems to banking technology frameworks, as well as jointly explore the implementation of fintech applications that satisfy various open banking scenarios, including smart risk control, financial security and the blockchain.”

WeBank vice-president and chief information officer Ma Zhitao (马智涛) said that open banking entails the deployment of a “3O’s” system of “open platforms, open innovation and open collaboration.”

“The joint establishment of a fintech lab by WeBank and Tencent Cloud will actively explore a ‘3O’ open banking system, to become innovators in ‘finance + life scenarios,’ and joint creators of a distributed commercial ecosystem,” said Ma.

“The bank of the future will be an open bank,” said Qiu Yuepeng (邱跃鹏), Tencent vice-president and president of Tencent Cloud.

“Financial institutions must establish fintech capabilities that match open scenarios, in order to create ubiquitous financial services.

“Tencent Cloud and WeBank have established a fintech innovation lab based on common consensus about the growth of open banking, as well as joined hands to provide various technical capabilities and the best implementation experience to financial institutions, to create an ‘open banking digitised assistant’ to the financial sector.”

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