Leading joint-stock lender China Everbright Bank has unveiled plans to step up investments in fintech innovations.
China Everbright announced on 18 April that it will invest 500 million yuan (approx. USD$70.7 million) in a fintech innovation incubator, with the goal of advancing its strategic target of becoming a “first-grade wealth management bank.”
China Everbright’s 2019 annual report indicates that the lender invested 3.404 billion yuan in technology last year, for a YoY rise of 44.73%.
The bank hopes to create a “123+N” Digital Everbright Development System with a “Big Smart Brain” (智慧大脑) based upon artificial intelligence and biometrics.
In recent years China Everbright has emerged as a leading fintech investors in the banking sector, while its “Cloud Fee Payments” platform is the largest open platform for its type in China.
In 2019 the platform processed over 10 trillion yuan in transactions for over 378 million customers.
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