China Bohai Bank has selected Bairong, an independent AI-powered technology platform, to protect and digitally scale its business operations.
Bairong will provide digital solutions such as anti-fraud and loan monitoring systems to China Bohai Bank.
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Bairong’s digital solutions are powered by its cloud-native software-as-a-service (SaaS) platform, which accelerates the digital transformation of financial institutions.
The technology firm claimed that its cloud-native SaaS platform will allow the bank improve the responsiveness of the front office and integrate the back-end resources to enhance the agility of the back office.
Bairong counts China Minsheng Bank, Ping An Bank, Industrial Bank and Beijing Zhongguancun Bank among its clients.
Bairong CFO Zhao Hongqiang said: “The cooperation with China Bohai bank opens up a new starting point for Bairong, with which we will continue to explore the application of AI and Big Data in the financial sector in the future.
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By GlobalData“The digital transformation in the financial sector is an ongoing and long-term shift in both technology and business models. In the post-pandemic era, digital adoption and automation in financial services are no longer an option for the financial sector. Instead, they have become a necessity and growth imperatives.”
Notably, China Bohai Bank was recently fined by the China Banking and Insurance Regulatory Commission for breaching multiple rules and regulations.
The regulator imposed a total fine of $56.8m on five lenders that are Huaxia Bank, China Bohai Bank, Bank of China, China Merchants Bank and The Bank of East Asia’s unit.
