Macao government, WeBank team up to leverage blockchain technology for Smart City infrastructure

The Macao Science and Technology Development Fund (FDCT), established by the Macao government, has signed an agreement with WeBank, a Chinese digital bank initiated by Tencent, to collaborate in the development of Smart City infrastructure.

Under the agreement, the parties will work closely to promote the futuristic urban development of the Macao SAR. By using cutting-edge technologies, such as blockchain, artificial intelligence, big data, and cloud computing, they will seek to enhance the science and technology capabilities of the Guangdong-Hong Kong-Macao 'Greater Bay Area'.

“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,” Ma Chi Ngai, President of Adm. Committee of FDCT, said.

The first joint project is based on "WeIdentity", a blockchain-based solution that allows secure and efficient inter-institutional identity authentication and data cooperation. It will be used to provide technical support for e-government services in Macao and enhance the service experience of Macao residents, the release said.

Henry Ma, Executive Vice President and Chief Information Officer of WeBank, said that WeBank and the Macao government will expand their collaboration and jointly explore new models of cooperation between the public and private sectors.

“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,” he said.