China’s Largest Bank ICBC To Focus On Blockchain Technology

Blockchain, News | September 4, 2018 By:

The Industrial and Commercial Bank of China (ICBC) will concentrate on innovations based on blockchain technology, ICBC Chairman Yi Huiman said.

Founded in 1984, ICBC is the largest bank in China, and the largest bank in the world by total assets. As of December 2017, it had assets worth $4.009 trillion. It ranks number 1 in The Banker’s Top 1000 World Banks ranking, and first on the Forbes Global 2000 list of the world’s biggest public companies. In 2017, ICBC started working on “intelligent banking” and “accelerated deployment in the field of financial technologies.”

Huiman said that the bank will focus on innovations in cloud computing, big data, artificial intelligence (AI), blockchain, and Internet of Things (IoT). According to a report from BiaNews, the bank will explore use cases for “smart banking,” which would improve the overall service, while protecting financial data that is shared with another party.

In it’s recently released Interim Report, the bank said that smart banking application scenario construction has continuously made new breakthroughs, marked by the launch of API open platform. At present, the bank has created more than 900 various types of scenarios, covering the main aspects of people’s lives, namely, lifestyle, consumption, travel, financial investment, and public services, among others.

While China banned cryptocurrency trading and initial coin offerings (ICO) in late 2017, it still supports the development of the underlying blockchain technology. According to estimates published on news site SupChina, local Chinese government investment in blockchain technology stands at about $3.57 billion since 2016.