A senior executive from one of the big four state-owned banks has flagged the accelerated deployment of the latest fintech innovations such as the blockchain.
Wang Yu (王瑜), general manager of the fintech department for China Construction Bank’s (CCB) Guangdong province branch, said that the CCB’s “basic judgment is that fintech, as represented by the blockchain, will see accelerated implementation.
“[We] are currently creating new models, new operations, new procedures and new products, and are accelerating change to the banking and financial ecosystem and applications model…[fintech’s] role in the banking sector is becoming more pronounced each day.”
Wang made the remarks on 24 November, during a keynote speech delivered at the 2nd Greater Bay Area Financial Development Forum (第二届粤港澳大湾区金融发展论坛).
Wang said that CCB first launched its own “ABCDMIS” fintech strategy on 2 May 2018, referring to artificial intelligence, blockchain, cloud computing, big data, mobile, the Internet and 5G as well as quantum computing.
According to Wang CCB’s blockchain projects have encompassed:
- Trade finance, with the launch of an online blockchain-based trade finance platform by CCB on November 2017, which has since processed over 30 billion yuan in transactions;
- Rural wages distribution;
- Poverty alleviation, with the creation of a blockchain-based targeted poverty alleviation financing platform;
- Active application of the blockchain to home leasing operations.