China’s biggest bank in terms of assets is driving the independent development of its own fintech innovations.
A representative from the Industrial and Commercial Bank of China (ICBC) told Shanghai Securities Journal that the bank was actively driving the development and adoption of key fintech technologies in areas including artificial intelligence, big data, 5G and the blockchain.
ICBC says it has taken the lead in the establishment of its own blockchain laboratory to drive the integrated development of blockchain research and financial innovation.
In 2018 ICBC revealed that it had launched its own “enterprise-grade blockchain technology platform” for the development of its own proprietary innovations.
According to ICBC the platform has to date made over 60 “core technology breakthroughs,” alongside 41 patent applications.