IBM Rolling Out Innovation Labs to Drive BOC Digital Transformation

Asia Blockchain Review
October 7, 2019
IBM Rolling Out Innovation Labs to Drive BOC Digital Transformation

International Business Machines Corp (IBM) and one of China’s biggest banks are looking to fuel innovation for the financial sector.

According to Learn Bonds, IBM and the Bank of China (BOC) have committed to expanding their partnership towards creating a new innovation model for the financial industry.

Driving BOC’s Digital Transformation

Announced in a press release by IBM on September 27, 2019, the company is to continue working alongside BOC on business innovation, customer experience and most importantly, digital transformation.  According to IBM, BOC is looking to push forward its digital transformation in line with its innovation-driven policy.

China’s central bank recently established a Global Innovation Lab in Singapore as part of its digital transformation.  The institution is working to stay competitive and in step with modern customers. The lab’s objectives include unifying digital systems, automating processes and uncovering more efficient ways to comply with regulations.

Utilizing AI and Blockchain Technology

Bank of China has made preparations to establish another five to eight innovation labs utilizing the IBM Garage. Goals of the labs include empowering the bank to fully incorporate artificial intelligence (AI) and blockchain technology.

The partnership gives the Chinese bank access to experts from several IBM Services. 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”.

Source: learnbonds.com


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
China Merchants Bank International Partners with Nervos to Develop DApp
China Merchants Bank International has announced its entry into the blockchain space, teaming up wit...

October 14, 2019

Vanguard Group Tests Blockchain-Powered Forex Trading Platform
The Vanguard Group is testing a blockchain platform that will allow asset managers to trade currenci...

October 14, 2019

South Korea’s Shinhan Card Adopt Blockchain Platform for Payments
South Korea’s Shinhan Card has revealed its plan to introduce a blockchain platform that will suppor...

October 13, 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