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.
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.
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”.
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