Chinese Banks Showcase Fintech Innovations at CIFTIS

Leading financial institutions have shown off their latest fintech innovations at the 2019 China International Fair for Trade in Services (CIFTIS).

CIFTIS opened in Beijing on 28 May, bringing together more than 50 financial institutions including banks, fund companies, brokerages, insurers and fintech companies together under the one roof

The event served to highlight the expanding investments made by Chinese financial institutions across a range of fintech application areas, including artificial intelligence, biometric identification, big data and the blockchain.

ICBC used the event to exhibit its facial scan ATM, which permits customers to access financial services simply by entering their personal codes following biometric scans of their physiognomies.

Customers do not need to make recourse to their bank cards or mobile phones to access the ATM, and can upload their biometric data via a facial scan using a mobile app.

Agricultural Bank of China (ABC) displayed its new “super-teller,” which is capable of accepting notes of different nominations simultaneously, and is already being trialled at selected bank outlets.

China Minsheng Bank has developed a new blockchain electronic deposit platform, which Chinese judicial authorities can already access as a source of detailed digital evidence in the case of legal disputes.

Telecommunications giant Huawei has cooperated with China UnionPay to release its new “Peng Yi Peng” (碰一碰) (tap tap) near-fields communications (NFC) label payment method for micro and small-vendors.

Unlike existing point-of-service payments methods, Peng Yi Peng devices make use of a thin NFC coil which helps to significantly reduce costs.

Trials of the system commenced last year in cities including Shanghai, Harbin and Dalian, with plans to bring the service to around 12 million micro and small-venders in China this year.

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