Bank of China to boost investment in innovation R&D

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The Bank of China. Photo: AFP

The Bank of China, one of the big four state-owned banks, announced it will greatly increase investment in innovation R&D. In addition to conventional technology investment, the annual input on the R&D of science and technology will not be less than 1% of the bank’s operating income, according to Liu Qiuwan, Chief Information Officer of the bank, The Paper reported.

Liu added that in the banking industry, the 1% input is a common investment method and it is suitable for the Bank of China at present.

Liu said that in 2018, the Bank of China will integrate the development of science and technology into the new phase of strategic planning, and will focus on building three major platforms, including cloud computing, big data and artificial intelligence.

Meanwhile, the bank has already applied blockchain technology in 12 projects, mainly to improve the areas of data sharing, cross-border payment, digital currency and digital bills.

According to the global blockchain enterprise patent ranking in 2017, the Bank of China owns 11 blockchain technology patents, ranking 20th among global companies, but first among domestic banks.

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