Bank of China Partners with IBM for Blockchain, AI innovation
October 8, 2019
Bank of China and International Business Machines Corp (IBM) have partnered towards creating a new innovation model for the financial industry.
On Sept. 27. IBMannounced in a press release that ‘the company is to continue working alongside BOC on business innovation, customer experience and most importantly, digital transformation.’
Global innovation Labs
According to IBM, Bank of China ‘is looking to push forward its digital transformation in line with its innovation-driven policy.’
As part of its digital transformation, China’s Central bank recently established a Global Innovation Lab in Singapore.
The lab’s objectives include ‘unifying digital systems, automating processes and uncovering more efficient ways to comply with regulations.’
China’s central bank is prepping up to establish another
five to eight innovation labs utilizing the IBM Garage. The lab will incorporate
the bank to adopt artificial intelligence (AI) and blockchain technology.
Wang Fang, vice president of Bank of China Singapore branch, stated:
“We look forward to having IBM as our partner because we believe that in addition to the assistance they offer with technological leadership and industry expertise, we can learn even more from IBM’s own transformation and innovative models”.
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