China’s digital-only lender WeBank has partnered with the Hong Kong University of Science and Technology (HKUST) to establish a joint laboratory to explore new evolving banking technologies.

The initiative is said to be the first joint banking lab project between Guangdong and Hong Kong. A scientific committee will be formed to identify relevant research projects.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The potential research topics include data privacy protection and process to establish a blockchain consortium.

Additionally, the laboratory will explore the use of risk analysis, machine learning and data mining technologies to increase banks’ risk management capabilities.

The banking laboratory will also work on fintech and other associated technologies to support the banking industry’s overall development.

To date, the joint lab has received nine research proposals encompassing the fields of blockchain, risk management and AI.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

WeBank chairman and CEO David Ku said: “The joint lab is a hallmark of the collaboration between HKUST and WeBank. Being open-minded, open-source and collaborative, the lab shall be rooted in the GBA and grasp its development opportunity as well as embrace the world.

“The lab visions an inclusive collaboration with all types of potential partners in driving Fintech underlying algorithms and technological research.

“We hope to see more use cases and innovative business models that tackle the existing pain points of SMEs and retail customers.”

Initiated by Tencent, WeBank was launched in December 2014. The bank offers personal micro-loan product and SME loan product among other services.

As of 2018, it had more than 100 million retail customers and around 500 thousand SME customers.

In February this year, WeBank partnered with NTU Singapore to launch a fintech research centre.