Prime Minister of the Republic of Singapore Intrigued by WeBank#s Fintech-powered Services at SFF x SWITCH

Stocks and Financial Services Press Releases Thursday November 14, 2019 08:25
SINGAPORE--14 Nov--PRNewswire/InfoQuest

From Nov. 11 to 13, 2019, WeBank showcased a series of new generation fintech capabilities at the Singapore Fintech Festival. On Nov. 12, Lee Hsien Loong, Prime Minister of the Republic of Singapore, visited WeBank's booth and communicated with Henry Ma, Executive Vice President and Chief Information Officer of WeBank. Henry introduced how WeBank adopted fintech capabilities in the areas of ABCD (AI, blockchain, cloud computing and big data) to promote financial inclusion as China's first digital bank. He suggested that by leveraging these technologies, WeBank was enabled to increase operational efficiency, reduce costs, and scale faster. Then Henry intrigued the Prime Minister with a demonstration of real user journey of WeBank's fintech-powered microloan service.

As a world's leading digital bank, WeBank reaches out for international collaborations on promoting financial inclusion through fintech. Alan Ko, Head of Fintech Innovation (international) at WeBank, addressed WeBank's open mindset towards promoting digital financial inclusion at the festival. "Fintech holds the potential to revolutionize future financial services, that is why our fintech solutions have garnered so much attention here at the event, especially our showcases in fields like AI, blockchain, cloud computing and big data. As a technology innovator in the world's leading digital bank league, we are actively looking for partnership and collaboration to take a step further in promoting financial inclusion through new technologies.

To provide partners more effective and low-cost approaches to tackle fintech problems in their businesses, WeBank's professionals presented solutions from four major areas-AI, blockchain, cloud computing and big data:

In terms of AI, WeBank is building a series of advanced AI applications for financial inclusion scale-up and technology-driven financial ecosystem. One of them is Federated AI Technology Enabler (FATE), China's first industrial level federated learning platform open sourced by WeBank. FATE helps businesses and organizations build AI models effectively and collaboratively, by using data in accordance with user privacy protection, data security, data confidentiality and government regulations. So far, it has already been applied in credit, insurance, supervision and retails.

WeBank also provides comprehensive blockchain solutions including the infra platform FISCO BCOS, middleware kits WeBase, and applications including WeIdentity and WeEvent:
  • FISCO BCOS (Be Credible, Open & Secure) is an open consortium chain platform, built with an aim to facilitate partnerships and inspire collaboration amongst businesses. It is the largest open source consortium chain ecosystem in China with 10,000+ members (500+ enterprise members). And it has launched more than 60 applications in interbank reconciliation, tourism finance, supply chain finance, judiciary services, copyright protection, entertainment & gaming, and social management & public services.
  • WeBASE (WeBank Blockchain Application Software Extension) is a bridge connecting applications with the blockchain infrastructure.
  • WeIdentity is an open source solution which offers a safe and efficient solution for identity authentication and data cooperation based on blockchain.
  • WeEvent is a distributed event-driven architecture developed for cross-institutional and cross-platform event notifications in loosely coupled systems that support the Collaborative Business models.

WeBank adopted and reinvented many cloud-based technologies including Fintech Sandbox and WeCube. WeBank FinTech Sandbox is a virtual innovation lab designed for individual developers, as well as technology and business partners. It provides a testing ground to build, demonstrate, share, augment and test cutting edge financial technologies, reference implementations as well as various other business applications and solutions. We encourage fintech innovators to build their own disruptive business models based on technologies which have been tested and proven at scale and applicable for a multitude of use cases including virtual banking, supply chain finance, mobile payment, smart retail, and others.

WeCube tackles the challenges of managing a fully distributed architecture require smart ops & maintenance tools for higher efficiency. It is the all-in-one tool to address the issue as being an open-sourced and self-evolving working platform.

In the big data area, WeBank extracts the essence of its financial-grade data technologies and designed WeDataSphere. It is a platform with financial grade computing, data storage and exchange, and machine learning capabilities developed based on various open-source components like Hadoop, spark, HBase, KubeFlow and FFDL. Enormous enhancements and reinforcement efforts were made by WeBank on top of the open-source components to tackle financial application issues related to security, performance, high availability, and traceability.

To find more WeBank Fintech solutions, follow their official website at fintech.webank.com/en.
Photo - https://photos.prnasia.com/prnh/20191113/2641552-1-a
Caption - Lee Hsien Loong, Prime Minister of the Republic of Singapore, visited WeBank's booth at the Singapore Fintech Festival
Photo - https://photos.prnasia.com/prnh/20191113/2641552-1-b
Caption - WeBank Fintech Solutions

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