One of China’s big four state-owned banks has released a new three year plan for driving fintech innovations until the end of the decade.
The Agricultural Bank of China (ABC) has just launched its “China Agricultural Bank of China Fintech Innovation Three Year Action Plan (2018 – 2020)” (中国农业银行金融科技创新三年行动计划（2018-2020年).
According to a report from China Economic Net the plan “outlines ABC’s guiding mentality, basic principles, overall targets, main missions, and guarantee measures for fintech innovation work from 2018 to 2020,” as well as serves as the “action outline and primary basis for ABC’s fintech innovation over the next three years.”
The plan proposes the establishment of a single, unified fintech services platform for the whole bank, and the comprehensive strengthening of capabilities in six key fintech application areas, including artificial intelligence, mobile internet, blockchains, big data, cloud computing and information security.
The release of ABC’s Fintech Action Plan follows the launch of the “Agricultural Bank of China Digitisation Establishment 13th Five Year Development Plan (2016 – 2020)” (中国农业银行信息化建设“十三五”发展规划（2016-2020年）) and the “Agricultural Bank of China Digitised Bank Development Plan” (中国农业银行信息化银行建设方案).