Macao Govt, Tencent’s WeBank Partner To Build Smart City Infrastructure Using Blockchain

Blockchain, News | March 1, 2019 By:

WeBank, China’s first digital bank initiated by media and technology giant Tencent, is collaborating with the Macao government in the development of Smart City infrastructure using blockchain solutions.

Founded in 2014, WeBank is a private commercial bank with an online focus that utilizes facial recognition security software. It offers small loans and investment products through their online platforms.

WeBank announced on Thursday that it signed a collaboration agreement with the Macao Science and Technology Development Fund (FDCT) to jointly promote the futuristic urban development of the Macao SAR. The two parties are planning to use blockchain, artificial intelligence, big data, cloud computing, and other innovative technologies to enhance the science and technology capabilities of the Guangdong-Hong Kong-Macao ‘Greater Bay Area.’

“WeBank is the first digital-only bank in China. Based in Shenzhen, the capital of innovation in the Greater Bay Area, we are committed to combining FinTech best practices with our own open technology strategy to provide secure, reliable and open source solutions for partners around the world,” said Henry Ma, Executive Vice President and Chief Information Officer of WeBank. “In the future, WeBank and the Macao government will expand their collaboration and jointly explore new models of cooperation between the public and private sectors. I am expecting that our collaboration will provide a meaningful reference for all enterprises and individuals committed to the development of the Greater Bay Area.”

The first project will be based on WeIdentity, an entity identity authentication and trusted data exchange solution that offers a secure and efficient solution for inter-institutional identity authentication and data cooperation through blockchain. According to WeBank, WeIdentity will provide technical support for e-government services in Macao and enhance the service experience of Macao residents.

Ma Chi Ngai, President of Adm. Committee of FDCT, said that building a Smart City is a strategic step for the SAR government to develop its economy and to improve residents’ livelihood.

“In this collaboration, we will utilize innovative technologies such as blockchain as a fulcrum to strengthen the technological innovation capabilities of the SAR government, to promote the development of the Smart City, and to benefit people’s livelihood through science and technology,” Ngai said “Moreover, through the strong collaboration and mutual support, we will take full advantage the Greater Bay Area’s strength in technological innovation to inject new vitality into the region.”