Bank of China’s securities subsidiary has become the first player in the sector to appoint its own chief science officer (CSO).
BOCI Securities announced on 9 March that it had appointed Baidu big data executive Ge Hao (葛浩) as its CSO.
Ge Hao has previously worked as tech committee chair and big data executive for Baidu. He was born in 1976 and hold a master’s degree in software engineering from Peking University.
The appointment of a CSO by a Chinese securities company is unprecedented, and is considered to mark a major development for fintech adoption by the sector, which has previously favoured collaboration with external fintech companies.
China International Capital Corporation (CICC) has teamed up with Tencent to launch a tech subsidiary, while Caitong Securities Co. (财通证券) has collaborated with Ant Financial and AliCloud to upgrade its digitised offerings.
In June 2019 the China Securities Regulatory Commission (CSRC) released the “Securities Fund Management Organisation Information Technology Regulatory Measures” (证券基金经营机构信息技术管理办法), which called for brokerages to appoint chief information officers to be responsible for driving the application of technology to securities operations and hastening a transition in wealth management models.