China and the world’s biggest bank in terms of assets has highlighted the role that fintech and digital transformation will play in enhancing the ability to provide financial services to the Belt and Road Initiative.
The Industrial and Commercial Bank of China (ICBC) held the “Digital Transformation: Blueprint and Practices of Financial Sector BRBR Fintech Forum” (金融机构数字化转型布局与实践) on 14 September.
The event saw the participation of representatives from China, France, Turkey, Australia, South Australia, Japan and Argentina, all of whom are members of the Belt and Road Inter-bank Regular Cooperation Mechanism (一带一路银行间常态化合作机制).
At the event ICBC shared its efforts to create a “digital ICBC” brand (D-ICBC), as part of efforts to drive progress in teh areas of “digital ecosystems, digital assets, digital technology, digital infrastructure and digital DNA.”
ICBC discussed its efforts to “deepen digital assets applications and stimulate the market for new factors of production”, by leveraging its huge volume of data resources and actively participating in the development of markets for data as a factor of production.