Category Archives: bank of china

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Hong Kong Sees Green as Ireland Comes to Fintech Week

Hong Kong FinTech Week was certainly a productive few days for two visiting companies from Ireland, both opening doors to the Far East with newly-secured deals.

The green army descended on Hong Kong this week with no fewer than 14 Irish fintech firms showing their wares as part of the #IrishAdvantage Enterprise Ireland’s trade mission to China; representation aimed at promoting tech in payments, banking, insurtech, cloud communications and biometrics.

The two successful companies, Global Shares and Know Your Customer, appear to be leading a charge from the Irish Republic with, Daon, CurrencyFair, Solgari, Fenergo, Leveris, Fineos, Corylitics, Intuition, Priviti, Fexco, Kyckr and Circit also attending.

Global Shares are now celebrating a USD 15 million deal with online brokerage firm Huanying International, with plans to provided a range of financial services. The other successful company, smart technology client verification solution provider Know Your Customer (KYC), has partnered up with Hong Kong-based fintech company Neat Limited to enhance that company’s AML processes more effectively. Republic of Ireland Minister for Business, Enterprise and Innovation Heather Humphreys commented:

“The deals we’ve seen formalized today by Global Shares, Know Your Customer and CurrencyFair at Hong Kong Fintech Week demonstrate how much value Irish fintech companies can deliver to partners worldwide… It’s heartening to see recognition from companies the world over for the Irish fintech advantage.”

Early this year, another Irish company, Dublin-headquartered money transfer player CurrencyFair, broke into the Asian market. With an EUR 20 million investment drive, the Irish company acquired Hong Kong’s Convoy Payments, not only opening up business to Hong Kong and Asia but also to giving CurrencyFair access to existing US markets.

The recent Irish successes are not unusual, according to Enterprise Ireland CEO Julie Sinnamon, who suggested that Irish companies usually fare well in doing businesses in Hong Kong and was pleased to see these successes, adding:

“Between them, these companies have secured significant wins with some of the world’s leading financial services companies in Hong Kong such as HSBC, Standard Chartered and Bank of China as well as local Hong Kong entities such as the Securities & Futures Commission and the Hong Kong Jockey Club.”


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Bank of China to Use Blockchain to Aid 330,000 Tibetans in Poverty

The Bank of China will make use of blockchain technology to assist in the management of a poverty alleviation program in Tibet seeking to assist some 330,000 Tibetans living in poverty.

At a recent conference of the Tibetan Branch of the Bank of China (BOC), it was announced that government would use blockchain technology to support the poverty reduction program in the Tibet Autonomous Region (TAR). The state-owned BOC is often closely linked to government policy. It is one of the big four commercial banks in the Chinese financial sector.

While the Chinese government has mandated that ICOs and cryptocurrency exchanges are no longer allowed in China, the use of blockchain technology has continued to experience substantial growth in government activities. Central Bank of China also launched a blockchain registry open platform in March.

The Chinese government has shown a long-term commitment to poverty reduction programs across China. In 2016, the President Xi Jinping announced that the government would eliminate residual poverty from all the provinces, by 2020. The TAR has a high poverty rate of over 12%, while the national average is much lower to 3.1%. There are many challenges with the environment in Tibet. The majority of people are living on a plateau which is over 4,000 meters above sea level.

The BOC has already been working on this in the TAR. The bank introduced a cloud-based system for managing activities associated with the poverty reduction fund, including providing secure access to information and certification processes. As part of its responsibility, the BOC team had committed to exploring cutting-edge technologies for supporting poverty fund management.

Blockchain technology has demonstrated its value in a range of applications mainly related to government and financial administration activity. The blockchain system will provide assistance in facilitating the activity for the poverty alleviation program. This includes management of funding applications, documentation and verification of project details, and allocation of funds to activities.

The BOC indicated that benefits of using the blockchain technology are the traceability of the transactions, the accuracy of the stored data, the precision of funds allocation, and improvements in the efficiency of program management.

The BOC also stated that if the trial is successful in the TAR, then it could be possible to use blockchain technology for supporting poverty reduction programs in other provinces.


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