Tencent-backed private digital lender WeBank has highlighted efforts to use innovations in blockchain technology to better improve its ability to service China’s real economy, with the recent launch of its new “WeBank Blockchain” (微众区块链) brand.
Ma Zhitao (马智涛), WeBank vice-president and Chief Information Officer (CIO) said in an interview with China Securities Report that in recent years the digital bank’s blockchain research has achieved major results in the areas of tech development, open source ecosystem and real world applications, leading to accomplishments in terms of servicing the real economy.
According to Ma WeBank first began to explore the development of alliance chains in 2015, before teaming up with over 20 licensed financial institutions and tech companies in China to launch the country’s first financial blockchain alliance in 2016 – FISCO BCOS.
Over the past six years WeBank has used FISCO BCOS as the foundation for the development of more than 10 blockchain projects, while WeBank Blockchain is now taking the lead in the creation of a open source ecosystem which brings together over 3000 enterprises and institutions, and more than 70,000 individual members.
“At present blockchain technology has already been implemented in the areas of cross-border payments, supply chain finance, agricultural finance, trade finance and financial inclusion,” said Ma.
“Some large-scale international financial institutions are also actively exploring blockchain applications in areas including trade finance, information sharing, forex transactions and equity transactions.
“In terms of specific applications, WeBank Blockchain, as the support party for open source technology, has already supported the Guangdong-Macau cross-border data verification platform; the Guangdong-Macau health code cross-border mutual verification system; the green travel inclusion platform, and the healthcare fund case audit management system.”
Ma said that WeChat Blockchain would have the mission of “creating trusted infrastructure for ESG, and driving fairness and sustainability.”
“[We] will strive to establish the foundations of trust for government, the public and enterprises a part of ESG strategies.”