Bank of China Partners with IBM to Drive Digital Transformation

Asia Blockchain Review
October 21, 2019
Bank of China Partners with IBM to Drive Digital Transformation

Bank of China (BOC) has revealed that it is expanding its partnership program with global tech giant IBM to develop new innovations for the bank’s digital transformation project, which will include areas such as customer experience, ecosystem building, and business innovation.

Unifying Systems to Enhance Efficiency

As the entire financial industry is being upended with financial technology (fintech), banks are finding themselves in a highly competitive landscape. To keep up, banks such as the BOC are proactively developing projects to drive innovation and embracing new technologies that will ensure their competitiveness. 

Recently, the BOC introduced a Global Innovation Lab based in Singapore with the objective of unifying its digital systems, automating processes, and enhancing the efficiency of its operations.

According to The Fintech Times, the BOC has announced plans to establish up to eight more innovation labs in cooperation with IBM Garage, IBM’s center for “high-impact, client-centric innovation” according to the tech giant’s website. The new labs offer services ranging from innovation factory to experience center and client center.

Co-creating Innovation with IBM

The BOC has disclosed that its teams will work closely with experts from IBM, who will assist the Chinese bank to innovate using online and offline tools and platforms. 

Wang Fang, Vice President of BOC’s Singapore branch and General Manager of Innovation Lab Singapore, stated that the BOC is “committed to becoming a world-class bank with technology and innovation as the cornerstones of our vision.”

“We believe that in addition to the assistance [IBM] offers with technological leadership and industry expertise, we can learn even more from IBM’s own transformation and innovative models,” said Fang.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Driving SEA’S Gig Economy Forwards With Blockchain
    Given the rise of the gig economy, it may be worth our while to explore this economy in the context ...

    January 22, 2020

    Securing SEA’s Financial Networks with Blockchain
    As cryptocurrencies gain wider use among Southeast Asians, so too must blockchain solutions be devel...

    December 30, 2019

    Thailand: The Land of Blockchain
    As the country forges ahead on its Thailand 4.0 development agenda, firm government commitment and s...

    December 27, 2019

    Blockchain for Safer, more Afforable Telecommunications in SEA
    This article examines the use of telecom services in Southeast Asia, the industry’s unresolved probl...

    December 16, 2019

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us