One of China’s big four state-owned banks is teaming up with the country’s interbank network to further explore applications for big data and blockchain technologies.
Bank of China (BOC) and China UnionPay recently executed a mobile payments strategic cooperative agreement in Beijing according to an official statement released by BOC on 15 August.
“The two parties will provide smart, open, integrated and unique digitised comprehensive mobile financial services to general customers,” said BOC.
Under the agreement the two parties will “jointly explore cooperation in areas including big data and blockchains” as well as “deepen comprehensive cooperation in the area of mobile payments, and advance the optimisation and sales promotion of mobile banking and the Cloud Flash Payment (云闪) app product.”
The Cloud Flash Payment app is a mobile payments product jointly created by China UnionPay in collaboration with multiple Chinese commercial banks, with the goal of providing a unified portal for mobile financial services.
The app permits the use of QR codes to make expenditures, transfers and account inquiries via mobile devices.
In addition to executing the strategic agreement, BOC and UnionPay have also launched a month-long promotional campaign for Cloud Flash Pay, which will involve efforts to promote use of the app at schools, supermarkets and on public transportation.
BOC and China UnionPay are long-term co-operative partners, having previously collaborated in areas including bank card issuance, cross-border operations and product innovation, a well as jointly promoted a range of products in China including Apple Pay, QR code payments and the Cloud Flash Payment app.