Bank of China Bumps Up Investments in Innovative Projects

August 10, 2018

One of the China’s five leading state-backed bank organizations, the Bank of China, told it was ready to augment its investments in the innovational development of the country.

Liu Qiuwan, chief information director of the People's Republic of China reported to the Chinese, that from that moment on along with the current investments in the conventional technological sector the Bank of China is going to put up over 1% of its operational revenue in technological researches and projects.

According to him, this amount of investments is regular one for the banking sector and none-more-acceptable for the bank given current situation.

Liu Qiuwan also noted that this year the Bank of China will introduce scientific and technological development in the next strategy planning round. The primary purpose set for the bank in the nearest future is creating several large services including cloud calculations, big data and artificial intelligence.

Note that this bank company has already been working on distributed ledger adoption. The Bank of China collaborates with 12 blockchain projects. And as the chair of the Bank stresses, to be involved in this industry is to help the state getting adapted to the current digital age in general and to modernize methods in the field of data exchange, international payments and digital currencies in particular.

With reference to the data of the last year world rating that takes account of all distributed ledger-related patents, the Bank of China has 11 blockchain-patents which ranks it the 20th in the world and the first one in China.

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