ICBC’s Fintech Unit Launches Subsidiary in Beijing, Enters Strategic Agreement with Municipal Regulators

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The fintech unit of China and the world’s biggest bank in terms of assets has launched its own subsidiary in Beijing amidst a push to boost the innovation capabilities of the Chinese capital.

ICBC Tech (工银科技), a unit of the Industrial and Commercial Bank of China (ICBC), officially opened its Beijing-based subsidiary ICBC Tech (Beijing) (工银科技(北京)有限公司) on 27 March in Xicheng district.

ICBC Tech (Beijing) is a fully owned subsidiary of ICBC Tech, which itself was established in May 2019 in the nearby Xiong’an New District as ICBC’s specialised fintech unit.

At its official opening ICBC Tech (Beijing) executed a strategic cooperative agreement with the Beijing municipal financial regulator, for the purposes of “raising Beijing’s fintech influence, assisting in improvements to the fintech talent system, jointly researching, developing and applying fintech, driving the implementation of technologies including the blockchain, and undertaking in-depth cooperation in the establishment of a diversified fintech environment.”

Zhang Wenwu (张文武), deputy-president of ICBC, said that the bank would “contribute its wisdom” to efforts to transform Beijing into an internationally influential centre for fintech innovations and services.

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