Bank of China, Tencent Partner for Lab

Announcements, Blockchain, FinTech, Innovation, Investing | June 27, 2017 By:

Bank of China (BOC), one of China’s largest state-owned lenders, and Tencent, the backers of WeChat and QQ, have established a joint FinTech laboratory.

The new FinTech laboratory will work on cloud computing, big data, blockchain, and artificial intelligence to promote financial innovations.

The partners said that after two months of work, they have made breakthroughs in the fields of cloud computing, big data, and artificial intelligence applications, and set up a unified platform of financial big data.

Back in April, Tencent outlined its plans in a white paper. It claims it will use blockchain for authentication, digital asset management, and what was termed “shared economies.” The platform will be called TrustSQL and has three parts: a product and service layer, a core chain layer, and an application layer. No date has been set for launch of the new services.