China’s largest bank ICBC explores blockchain, AI and big data to maintain competitive edge

The Industrial and Commercial Bank of China (ICBC) is increasingly focusing on blockchain technology and its applications, Chairman Yi Huiman was recently quoted saying.

ICBC is the largest bank in China – one of the “Big Four” state-owned commercial banks. According to the bank’s recently released Interim Report, ICBC recorded steady profit growth in the first half of 2018 with net profits of RMB160.7 billion, up 4.5% year-on-year; pre-provision profits reached RMB280.7 billion, up 8.9% year-on-year, reflecting favorable business growth.

According to a report from BiaNews dated September 1, Huiman said that the focus areas for the bank include projects e-ICBC 3.0 and the Next Generation Information System (ECOS), cutting edge technologies such as artificial intelligence, blockchain, and big data, and “smart banking” applications.

In fact, the bank in its interim results had revealed how it is accelerating the establishment of smart banking. It said that e-ICBC 3.0 and ECOS have made continuous breakthroughs. In addition, new customers acquired through online medium exceeded 7 million, while internet finance customers reached 300 million. Aggregate of online financial transactions amounted to around RMB340 trillion, accounting for 98% of the bank’s total transaction numbers.

“Innovative achievements from the “seven innovation laboratories” were launched into operation in the fields of cloud computing, big data, artificial intelligence, blockchain, and IoT, helping to sustain ICBC’s leading position in the field of technology. Smart banking application scenario construction has continuously made new breakthroughs, marked by the launch of API open platform,” it added.

Last month, China's Communist Party has published an explainer for officials and members in order to encourage blockchain literacy across public offices.