One of China’s big state-owned banks has just officially opened a new fintech subsidiary in the Pudong district of Shanghai.
Bank of China (BOC) announced via the Hong Kong Stock Exchange on 13 June that it had officially unveiled the sign for Bank of China Fintech Co., Ltd. (中银金融科技有限公司) and kicked off operations.
BOC Fintech has registered capital of 600 million yuan, and its registered address is the Shanghai Pudong New District.
According to the announcement the main businesses of BOC Fintech will be “operating fintech methods, undertaking technological innovation, software research and development, platform operation and technical consulting.”
“The establishment of BOC Fintech is a key measure for the bank to drive its tech leadership strategy and create a digitized bank…the bank will use the establishment of BOC Fintech to accelerate fintech innovation and drive digital transition.
“The next step will be for the bank to firmly and unwaveringly advance its digital development strategy, upgrade its tech innovation leadership capability, and strive to achieve the strategic goal of creating a world-class bank in the new era.”