The Bank of China (BoC) has revealed its intentions to invest more resources in fintech and other innovative technologies like blockchain. The Bank of China (BoC) which is quite different from the People’s Bank of China, made this announcement at a press conference on the banking industries held in Beijing.
According to the news reports by The Paper, a Chinese-based news outlet on Thursday, the Bank of China’s Chief Information Officer (CIO), Liu Qiuwan disclosed that the BoC wants to increase funding in disruptive areas such as blockchain, the Internet of Things (IoT), and fintech solutions. He noted that BoC’s investment in this areas will reportedly be more than 1 percent of the bank’s operating annual income, which in the fiscal year 2017 was 483.7 billion yuan ($70.9 trillion).
Liu Quiwan was also quoted as saying that by the end of 2018, the Bank of China would have finished the construction of three major technological solutions which are: cloud computing, big data, and artificial intelligence platforms. Furthermore, the BoC will utilize blockchain technology in twelve critical projects, focusing on data sharing, cross-border payment, digital currency, and digital bills. This, he believes, will position the bank for better and more efficient service providers in the future.
According to the statistical data, Liu Quiwan told the press, “[in] the global blockchain enterprise patent rankings in 2017, Bank of China has 11 patent applications for blockchain, ranking 20th in the global business and ranking first in the domestic banking industry.”
In recent times, the Bank of China (BoC) has been active in pursuing the use of advanced technological solutions to enhance its operations, one of such solution is a patent application the bank filed with China’s State Intellectual Property Office (SIPO), on Friday 23, February. The patent application is aimed at solving the problem of storage space in new blocks without compromising on traceability and immutability.
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.